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GameStop shares are currently trading at $21.33, a far cry from the peak of $81.25 reached during the intense “GameStop mania” in early 2021. The recent plunge has led to speculation about the company’s intentions regarding Bitcoin.
Strategy is currently the largest Bitcoin holder with 506,000 coins, followed by Marathon Digital with 46,000 coins. A recent post by Strategy hinted that GameStop may be considering a massive purchase of Bitcoins, stating “MARA may have some competition soon.”
However, not everyone is convinced that this would be a bad thing. Fold co-founder and CEO Will Reeves believes that the current downturn in GameStop’s shares is actually an opportunity for revolutionary change. In a recent statement, he said: “Just like 2021: game flippers got replaced by revolutionaries. Now, some sell because the revolution just got bigger and they don’t understand it yet.”
While the intentions of GameStop regarding Bitcoin remain unclear, one thing is certain – the cryptocurrency market is in a state of flux. The ongoing decline of GameStop’s shares has sparked fresh concerns about the company’s financial stability.
As the debate around GameStop’s potential foray into Bitcoin rages on, investors are left wondering what this means for the broader cryptocurrency landscape.
Source: https://u.today/gamestop-shares-getting-annihilated-following-bitcoin-pivot
