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GameStop may soon enable cryptocurrency payments for trading card purchases, as CEO Ryan Cohen revealed the company’s plans during a recent interview with CNBC. This development comes as Bitcoin (BTC) approaches its all-time high, currently trading around $118,700.
Cohen stated that GameStop is shifting its focus away from hardware sales amid rising costs, and instead will be concentrating on trading cards and collectibles. It appears the company may also consider accepting cryptocurrency payments in the future. The executive emphasized that any potential crypto payment option will depend on actual demand.
Interestingly, GameStop had previously launched an NFT marketplace, which was shut down in January 2024 due to regulatory uncertainties. However, it is worth noting that the retailer did buy over $500 million worth of Bitcoin in May, with the company describing it as a “hedge against inflation”.
The current market landscape has seen significant growth over the past three months, resulting in a $1.33 trillion increase in total crypto market cap. Nevertheless, analysts warn that if Ethereum’s (ETH) upward momentum persists, Bitcoin may lose its dominance and potentially face a period of consolidation.
As Bitcoin hovers near its all-time high, a potential shift away from hardware sales could signal the onset of this potential drop in dominance.
Source: www.coinspeaker.com
