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GameStop Hints Crypto Payments While BTC Top Looms
In a recent interview with CNBC’s Squawk Box, GameStop CEO Ryan Cohen has hinted at the possibility of accepting cryptocurrency payments for trading card purchases. The revelation comes as Bitcoin hovers near its all-time high, currently trading just 3.5% below its peak.
According to Cohen, the company is shifting its focus away from hardware sales due to rising costs and will instead concentrate on trading cards and collectibles. This potential shift in payment options would mark a significant move into the crypto space for GameStop, which had previously launched an NFT marketplace that was shut down due to regulatory uncertainties in January 2024.
Interestingly, GameStop also disclosed earlier this year that it had acquired over $500 million worth of Bitcoin, with Cohen emphasizing its use as a “hedge against inflation.” The company has since raised another $450 million in a private convertible note offering, which may be used for further Bitcoin investments.
Meanwhile, the crypto market has experienced significant growth over the past three months, with a staggering addition of $1.33 trillion to its total market capitalization. However, analysts warn that Bitcoin’s dominance, currently standing at 63.77%, could drop if Ethereum continues its upward momentum.
Source: www.coinspeaker.com
