#MyStrategyEvolution The head of GameStop, Ryan Cohen, said on Tuesday on Squawk Box that the company's recent cryptocurrency move is strictly about protecting against inflation, not trying to copy other companies.

"I see this as a hedge against inflation and global money printing and we will see what happens," Ryan said. The statement came days after GameStop purchased 4,710 bitcoins, worth over US $ $ 500 million, during a market rally that saw Bitcoin cross US $ $ 120.000 for the first time.