GameStop, the famous video game retailer, just received a proposal from Strive Asset Management to convert nearly $5 billion in cash into Bitcoin. This proposal argues that Bitcoin is a true store of value and could help GameStop become the 'top Bitcoin treasury in the gaming industry.'
However, CEO Ryan Cohen only briefly responded on social media: 'Received the letter,' without further comment.
Should GameStop Bet Everything on Bitcoin?
💰 #StriveAssetManagement , an investment firm co-founded by former U.S. presidential candidate Vivek Ramaswamy, believes that Bitcoin is a superior asset to cash, especially in the context of inflation devaluing cash.
📊 Key points in Strive's proposal:
Bitcoin may help #gamestop protect long-term asset value.
Avoid investing in other cryptocurrencies, as they are too risky.
Stop expanding into uncertain digital assets, like NFTs – a field where GameStop has previously failed.
Significantly cut down on physical store systems, focusing on e-commerce and AI.
Raise funds through issuing stocks and bonds to buy Bitcoin.
🚀 Strive argues that Bitcoin is increasingly being accepted by major institutions and its scarcity makes it an ideal hedge against inflation.
What is Bitcoin and the Crypto Market Like Now?
📉 Bitcoin is currently trading below $89,000, down from a peak of $109,000 in January.
⚠️ The cryptocurrency market is highly volatile, especially after the $1.5 billion hack on the Bybit exchange, causing investor sentiment to become cautious.
🔎 Is GameStop really willing to take the investment risk in Bitcoin?
Ryan Cohen has not made any official statements yet, but he previously met with Michael Saylor – CEO of MicroStrategy, one of the strongest investing companies in Bitcoin.
GameStop has shifted to a lean operating model, focusing on 'valuable products,' but has not clearly defined its long-term strategy.
📉 GameStop's stock closed down 2.36% at $24.32, not much changed in after-hours trading.
In Summary: Will GameStop Go Big With Bitcoin or Not?
🔥 The proposal from Strive opens up a risky but potentially rewarding path for GameStop.
⚖️ If GameStop accepts, they will become the first gaming company to stockpile Bitcoin as a strategic asset.
💭 But if they fail, GameStop could face serious financial losses.
⏳ Everyone is waiting for an official reaction from GameStop – will they accept the 'Bitcoin gamble' or not?
