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GameStop Investing Craze 'Proof of Concept' for Bitcoin Success, Says Scaramucci
A campaign by members of a Reddit investor forum have caused GameStop stock to spike to record levels in the last week.
SkyBridge Capital’s Anthony Scaramucci said Wednesday that retail investor-led stock surges for video gaming firm GameStop suggest bitcoin will ultimately be a success.
STORY CONTINUES BELOW
On Tuesday, a volatile trading session largely driven by a campaign by members of the Reddit forum r/WallStreetBets saw GameStop (NYSE: GME) jump 92.7%. Trading of the stock has been halted multiple times in the last week as price spikes triggered market protections.
After Elon Musk joined the fray, tweeting “GameStonks," shares rose 50%. The video gaming stock is now worth $10 billion and classified as a large-cap stock, according to Bloomberg.
Scaramucci said in an interview with Bloomberg that this strong individual trader market action is "proof of concept that [b]itcoin is going to work,” and should be taken "seriously."
He suggested the "decentralized" investor activity is similar to the fundamental concept behind bitcoin, while mobile-based and low-cost trading are "democratizing" formerly insular markets.
Read more: You Can Now ‘Spedn’ Bitcoin at GameStop, Barnes & Noble and More
“How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance,” Scaramucci said.
In early January, SkyBridge launched a new bitcoin fund, saying its exposure to bitcoin was already worth $310 million.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
