Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
CoinGape 2025-02-14 06:31:53

Peter Schiff Says Bitcoin Is Overpriced Than GameStop After GME Stock Rally

Peter Schiff Says Bitcoin Is Overpriced Than GameStop After GME Stock Rally

Bitcoin critic Peter Schiff has slammed GameStop’s decision to use its cash to buy Bitcoin. The news was enough to send the GameStop (NYSE: GME) stock soaring by a massive 20%. Commenting on this, Schiff said that Bitcoin is still overvalued in comparison to GME. Peter Schiff Slams GameStop’s Bitcoin Investment Plan Bitcoin critic and economist Peter Schiff has voiced skepticism over GameStop’s recent announcement regarding a possible Bitcoin acquisition. Schiff described the move as a “Hail Mary” from the company, which he claims lacks a viable business plan. In his message on the X platform, Schiff wrote : “GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin”. He further argued that Bitcoin is “even more overpriced than GME,” drawing a parallel between the two as speculative assets. Several global firms have started adopting the MicroStrategy playbook of adding Bitcoin to their balance sheets. Over the past four years, this strategy has yielded multi-fold returns for MSTR investors. Japanese firm Metaplanet also witnessed its stock price surge more than 4,000% in less than a year of adopting the Bitcoin playbook. However, Peter Schiff has said that just adopting Bitcoin to boost the stock price is not a good sign, if the business has no underlying strength. Will Meme GME Stock Continue to Rally? Everyone knows the massive GameStop frenzy that took Wall Street by storm in January 2021, liquidating several hedge funds in this process. Back then the GME Stock price rallied from $5 to $80 in less than a month’s time. Now that the video game retailer is considering adding Bitcoin to its balance sheet, we could possibly see yet another explosive rally in GME stock . Note that the company is still in the consideration phase for crypto investments abd hasn’t finalized yet. Last weekend, GameStop CEO Ryan Cohen shared a photo on social media platform X featuring Michael Saylor, co-founder and chairman of MicroStrategy, the largest corporate holder of Bitcoin. However, sources familiar with the matter stated that Saylor is not currently involved in GameStop’s discussions about potential cryptocurrency investments. In 2022, GameStop made a foray into the crypto space by launching wallets to manage cryptocurrencies and non-fungible tokens (NFTs). However, the company discontinued the service in 2023, citing “regulatory uncertainty” as the reason for the closure. Next Targets for GME Since reaching a seven-month high in early January, GameStop shares have formed a falling wedge pattern, a bullish chart formation suggesting a potential upward breakout once the upper trendline is surpassed. Investors should watch the $29 level closely, as this range aligns with a horizontal resistance zone tied to multiple price points, including last July’s swing high. A breakout above $29 could pave the way for further gains, potentially driving the stock toward the $32 region. Source: TradingView The post Peter Schiff Says Bitcoin Is Overpriced Than GameStop After GME Stock Rally appeared first on CoinGape .

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
710
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.