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What does the rise of GameStop shares mean for Bitcoin (BTC)?
The stock's rise is a positive sign for BTC.
GameStop shares rose dramatically after it was defended by a group of Reddit users, partly fuelled by growing resentment against Wall Street.
GameStop shares and Bitcoin
GameStop's shares closed at $ 147.98 yesterday after closing 2020 at about $ 18. The increase sent stocks up another 50 overnight. Reddit users, on the other hand, expressed their happiness at the rise of GameStop shares, and the fall of Wall Street funds seems to have doubled this happiness.
Besides, according to Anthony Scaramucci, CEO of Skybridge Capital, such things bode well for Bitcoin. “The activity at GameStop is more proof of concept that Bitcoin will work, " Scaramucci told Bloomberg. How are you going to beat this decentralized crowd? For me, this is a sign that more approval is coming about decentralized finance."he used his words.
Bitcoin's price recently broke nearly $ 42,000, an all-time high earlier this month. But since then, the price of Bitcoin has plummeted, falling as low as $ 31,000. Yet that price drop has not deterred the senior figures behind Skybridge Capital.
Skybridge Capital launched the Skybridge Bitcoin Fund earlier this month, thus breaking into the Bitcoin industry. Skybridge Chief Operating Officer Brett Messing said in an interview with Decrypt that the fund had risen to about $ 370 million in its first few weeks of existence.
“We're very passionate about it, we think we're doing people a favor by promoting Bitcoin, and we're making money successfully,” Messing said.