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GameStop Buys Bitcoin

NOE G

• 2 min read
GameStop Buys Bitcoin

GameStop bought 4,710 Bitcoin for their reserve asset and is now the 13th largest Bitcoin treasury company. GameStop confirmed its plan in late March, saying it did not set a ceiling on the amount of bitcoin it would buy. The did not release details on the timeframe for the buy so it's difficult to determine the cost but at today's price the reserve is worth $512 million. CEO Ryan Cohen stated Bitcoin is "Better than Gold" while he did not disclose his plans for future Bitcoin buys. GameStop still has close to $5 billion in cash. The stock rose after the announcement hit but slide later in the day.

Bitcoin Conference Major Takeaways

CNBC covered VP Vance's keynote today live in Las Vegas. He stated stablecoins do not threaten the integrity of the dollar, quite the opposite its a force multiplier of economic might. Dollar pegged stablecoins will only help the American dollar.

Trump' Executive Director of the President's Council of Advisers for digital assets states, Bo Hines stated "Bitcoin is the golden standard" We're not gonna sell any Bitcoin that we possible have in the US government, period".

Senator Lummis remarked that Trump support the bill to buy 1 Million Bitcoin and she is rolling out the legislation in the coming weeks.

Saylor stated Strategy will not look into becoming a Bitcoin Bank due to restrictive regulations and had no plans to buy anything other than Bitcoin. AI will supercharge Bitcoin since its the best digital capital.

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