Peter Schiff Slams GameStop’s Bitcoin Move as GME Stock Slides

Popular Bitcoin critic Peter Schiff has blasted GameStop for its recent pivot to Bitcoin, linking the move to the video game retailer’s stock decline. GameStop’s decision to raise capital through a convertible debt offering to fund future Bitcoin purchases sparked a short-lived rally but ultimately led to a drop of over 2% in GME shares.

Schiff took to X (formerly Twitter), claiming the 15% intraday surge in GameStop’s stock was driven by Bitcoin-related hype and fear of missing out (FOMO). He argued that the temporary gain faded as more rational investors sold off their shares, calling them “smart” for exiting early. According to Schiff, institutional investors backing Bitcoin resemble gamblers, and he blamed GameStop’s volatility on its crypto involvement.

The backlash has been mixed. While some support Schiff’s view, others accuse him of using anti-crypto rhetoric to boost engagement. Many in the crypto community, however, remain bullish on GameStop’s strategy, comparing it to MicroStrategy’s successful Bitcoin play. MicroStrategy co-founder Michael Saylor even encouraged GameStop to expand its Bitcoin holdings, suggesting it could earn long-term respect from the crypto space.

Despite recent losses, some investors see potential in GameStop’s crypto pivot, expecting the company to mirror MicroStrategy’s performance. As of March 27, GME has dropped 6.68% over the past week, according to CoinMarketCap.

GameStop’s bold shift into Bitcoin signals a growing trend of corporate adoption, though critics like Schiff remain unconvinced. Whether this strategy will pay off or backfire remains to be seen, but the conversation around Bitcoin’s role in corporate finance continues to heat up.