However, the exchange also claimed the identification of the Bitcoin creator could cause the crypto market to deteriorate. United States-based cryptocur...
Category: Business
The mining equipment manufacturer announced its intention to expand into mining when it went public last year. According to an announcement from Chinese...
The Mad Money host proposed that the company's brick-and-mortar shops could become "crypto-information palaces" in which gamers could buy and sell cryptocurrencies.
With GameStop's stock more than doubling in price over the last two days, CNBC’s Jim Cramer is proposing the brick-and-mortar company change its business model to be more inclusive of cryptocurrencies.
Speaking on CNBC’s Squawk Box today, the Mad Money host suggested that he had a plan to "justify the stock price" of GameStop. At the time of publication, the price of GME is $131.17 — an increase of more than 175% in the last 24 hours after weeks of sideways action. In addition to following the example of Tesla, which purchased $1.5 billion Bitcoin (BTC), Cramer proposed GameStop mimic Square and PayPal by becoming "a dealer in crypto."
"If GameStop were to turn itself into a 5,000-store introduction to crypto [...] make it so that’s an international gaming place where you win Bitcoin, I think you can justify the stock price," said Cramer.
The Mad Money host suggested that all GameStop locations — 3,447 as of January — could convert to "crypto-information palaces" in which the company would allow players to buy and sell cryptocurrencies in addition to offering them as gaming rewards. He added that GameStop’s largest investor, Chewy CEO Ryan Cohen, could convince the board of directors to purchase $1 billion to $2 billion worth of BTC.
Ryan Cohen tells the board to sell 10 million shares of Gamestop at $200 and buys Bitcoin and says Gamestop is now a Bitcoin store that also sells games. Bingo! There's the plan. I bet the cfo said no to the Bitcoin plan. Bitstop? Gamebit? Gamecoin?
— Jim Cramer (@jimcramer) February 25, 2021
It is somewhat unusual for investors or advisors to propose that a company change its business model to justify a stock price. However, GameStop is no longer a typical brick-and-mortar company.
Retail investors from Reddit drove the GME stock price up last month in an attempt to short squeeze hedge fund bets. The result of these actions kept the gaming store at the front of financial news for a number of weeks. On Feb. 18, the CEO of trading platform Robinhood, along with representatives from Reddit and the hedge fund Citadel, spoke at a House Financial Services Committee concerning the GameStop trades.
Stablecorp CEO Jean Desgagne said VersaBank's digital currency was intended to provide an alternative to concerns over volatility and security in crypto markets. ...
A church spokesperson said it was also unlikely the church would release its own digital currency. With roughly 100 million members, the church represen...
"Due to the uncertainty concerning their ongoing litigation with the SEC, the company has suspended trading on Ripple's platform," says MoneyGram's quarterly outlook. ...
"I let the pizza guy choose between $5 in fiat or BTC. Needless to say, he chose wisely," said the Redditor. A driver who held $5 in Bitcoin (BTC) as a ...
"More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws," said Caitlin Long. Blockchain-based pa...
Eric Balchunas said the Purpose Bitcoin fund could surpasses all other ETFs in Canada within two months, "barring a nasty selloff." With only two full d...
The Ballet CEO predicted a Bitcoin price between $200,000-$250,000 before 2022. Crypto expert Bobby Lee's early predictions on the price of Bitcoin have...
"Bitcoin can go up and down just based on the mania or whatever the views are," said the Microsoft co-founder. Microsoft co-founder Bill Gates is the la...
“Holding some portion of what you hold in cash in things like crypto seems to make some sense to me," said Rick Rieder. Rick Rieder, chief investment of...
Should the purchase go as planned, the business intelligence firm would hold more than $3.5 billion in Bitcoin as a reserve asset. Following a Tuesday a...
More than 70% of financial executives surveyed are closely watching what everyone else is doing with Bitcoin before they decide on investing their companies’ cash reserves ...
"While a temporary move up to $100K is possible, a permanent move down to zero is inevitable," Schiff said on Twitter. The man who once said "Bitcoin wi...
The report states that KYC and AML standards for exchanges have significantly improved over the last four months. Out of the 160 cryptocurrency exchang...
The total volume on the crypto exchange has fallen 4.9% in the last 24 hours. London-based cryptocurrency exchange EXMO suffered a distributed denial-of...
CEO Jeffrey Berns says the smart city could incorporate digital currency payments for goods and services as well as records on the blockchain. Blockchai...
CEO Dan Schulman said last week the company would add crypto buying, selling, and custody features to "Venmo and select international markets" in 2021. ...
The price of GME has fallen almost 90% since lawmakers first called for a hearing. Executives from companies involved in the recent controversy between ...
The Adyen CEO expressed concern about Bitcoin's volatility in regards to a payment method, while Uber "quickly dismissed" discussions about purchasing the crypto asset. ...
General Motors once had a chance to dominate electric vehicle sales — but it killed the EV1 instead. Will its dismissal of Bitcoin cost it as dearly? Ma...
"Toddler HODLer" may soon become a new meme in the crypto space. Elon Musk’s child with Canadian musician Claire Elise Boucher, or Grimes, may now be on...
The crypto asset's market capitalization has also overtaken Tesla's again, following an overnight price surge. After hitting a new all-time high of mor...
