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GameStop + Bitcoin= Peanut Butter + Jelly
A strategic Bitcoin investment can’t come soon enough for Gamestop. Here’s why it will be good for both Gamestop and Bitcoin.
I don’t remember the last time I went into a GameStop. In fact, I can’t remember the last time I saw a Gamestop. I think I’ve seen more Shakey’s Pizzas in the last 5 years than Gamestop locations. And that’s not a healthy sign if you are in the retail business.
I’m not going to go on a long diatribe about why GameStop’s business model is and has been a trainwreck for more than a decade. There’s a reason why over 100% of the shares were sold short. Ironically, such bearishness in the stock proved to be its saving grace.
In a world of reality, GameStop would have been out of business long ago, and we’d add it to the list of dead retail establishments. But they got a second chance. And the (handsomely paid) executive team smartly capitalized on this boon by issuing stock and raising over a billion dollars.
Now they have a bunch of money, a surprisingly strong stock price, and an army of stockholders not quite sophisticated enough to lose their money in memecoins. But it seems like GameStop may get another lease on life via Bitcoin.
