Legendary Investor Mocks GameStop’s Bold Bitcoin Bet

Prominent American entrepreneur Jason Calacanis is throwing shade at GameStop’s surprising move to adopt Bitcoin as a reserve asset. The 54-year-old angel investor quipped, “If you're a public company that can't figure out a business model, buy Bitcoin!”—a jab that quickly made waves on social media.

This sarcastic remark came shortly after GameStop, once the face of the 2021 meme stock mania, announced its decision to add Bitcoin (BTC) to its balance sheet. While the news gave GameStop’s stock a mild after-hours boost, Bitcoin’s price remained largely unaffected.

The pivot has stirred mixed reactions across the crypto community. While MicroStrategy co-founder Michael Saylor applauded the move as a “step in the right direction” for corporate crypto adoption, others remain skeptical. James Check, former lead analyst at Glassnode, warned that such actions by struggling firms could signal a market top. He jokingly predicted that "zombie companies" jumping on the Bitcoin bandwagon might mark the peak of its trend.

Despite the skepticism, GameStop isn’t exactly in dire financial straits. The company holds $4.6 billion in cash and maintains a market cap exceeding $11 billion. Yet, critics argue the Bitcoin move may reflect a lack of strategic direction rather than innovation.

While major players like BlackRock and Fidelity are exploring crypto-linked ETFs, mainstream corporate Bitcoin adoption has yet to gain momentum. GameStop’s bold leap into crypto might reignite the conversation, but whether it marks a turning point or just another meme-fueled gamble remains to be seen.