Ryan Cohen, CEO of GameStop, recently followed Bitcoin Magazine on X (formerly Twitter), sparking a flurry of speculation within the crypto community. This is the first time in years he’s followed an account other than GameStop’s official one. This follows a photo of Cohen with Michael Saylor (MicroStrategy’s CEO, a big Bitcoin proponent) two weeks prior.
The GameStop-Bitcoin Connection: A History
GameStop’s name has been frequently linked to Bitcoin, especially since the “meme stock” craze during the pandemic. Back then, online chatter suggested GameStop, often seen as an outdated retailer, was poised for a comeback. Retail investors drove up the stock price, challenging large hedge funds that had bet against it. This was seen by many as a classic underdog story.
The Bitcoin connection arose as the GameStop frenzy overlapped with discussions about decentralized finance (DeFi). Some saw parallels between the grassroots support for GameStop and the community-driven nature of Bitcoin, viewing both as alternatives to traditional, centralized systems.
The Saylor Meeting and Subsequent Speculation
The recent photo of Cohen and Saylor fueled speculation even further. Saylor is known for MicroStrategy’s massive Bitcoin holdings. Many assumed Cohen was seeking Saylor’s advice on a potential GameStop Bitcoin investment.
However, sources at CNBC later reported that Saylor isn’t directly involved in any GameStop Bitcoin plans. So, for now, it’s all just speculation.
The $4.6 Billion Question
Adding fuel to the fire: GameStop had about $4.6 billion in cash and investments as of October 2024. This led to online discussions about what would happen if GameStop invested this sum into Bitcoin.
One analyst calculated that a $4.6 billion investment would buy GameStop roughly 48,000 BTC, making them the second-largest corporate Bitcoin holder.
The Verdict? Still Speculation
While GameStop has explored NFTs and blockchain technology, there’s no official word on a large Bitcoin purchase. For now, it remains exciting speculation, with the price of Bitcoin at $97,708 at the time of writing.
