Critic Peter Chef Peter Chef photographed Gamestop’s decision using his money to buy Bitcoin. The news was enough to send Gamestop (NYSE: GME) by 20 %. Commenting on this, Chef said that Bitcoin is still exaggerated compared to GME.
Peter Chef plans to invest Bitcoin in Gamestop
Bitcoin’s critic and economist, Peter Chef, expressed doubts about the last Gamestop advertisement regarding the potential Bitcoin acquisition. Chef described this step as “Mary’s tricks” from the company, which claims to lack a viable action plan. In his message on the X platform, Chef Book:
“Gamestop, a company that does not have a viable action plan, threw another Mary by announcing that it may use its money to buy Bitcoin.”
He also argued that Bitcoin is “more at an exaggerated price than GME”, as he draws a parallel between the two as speculative assets.
Many international companies have started adopting the Microstrategy playing book to add Bitcoin to their public budgets. Over the past four years, this strategy has resulted in multiple returns to MSTR investors. The Japanese company Metaplanet has also witnessed an increase in stock prices by more than 4000 % in less than a year of adopting the Playbook Bitcoin book.
However, Peter Chef said that Bitcoin’s adoption to increase the share price is not a good sign, if the company does not have a basic power.
Will Meme GME continue to gather?
Everyone knows the huge Gamestop madness that took Wall Street through the storm in January 2021, which led to the liquidation of many hedge boxes in this process. At that time, the GME price rose from $ 5 to $ 80 in less than a month.
Now that the video game retail dealer thinks about adding Bitcoin to its public budget, we can see another explosive march in the GME stock. Note that the company is still in the stage of looking at Crypto investments that ABTO has not yet ended.
At the end of last week, Gamestop CEO Ryan Cohen shared a picture on the X social media platform that includes Michael Sailor, co -founder and head of Microstrategy, the largest company holder in Bitcoin. However, sources familiar with the matter stated that Silor is not currently participating in Gamestop’s discussions about possible cryptocurrency investments.
In 2022, Gamestop made an invasion in the encryption space by launching governor of cryptocurrencies and non -explosive symbols (NFTS). However, the company suspended the service in 2023, noting “organizational uncertainty” as a reason for closing.
The following goals for GME
Since reaching the highest level in seven months in early January, Gamestop shares have formed a falling spoiled pattern, the formation of a bullish scheme that indicates a possible upward outbreak once the upper direction line exceeded.
Investors must closely watch the level of $ 29, as this range corresponds to a horizontal resistance area linked to multiple prices, including last July’s swing. The collapse of more than $ 29 can pave the way for more gains, and may lead stocks towards the $ 32 region.
Bushan Akolkar
Bhushan is enthusiastic about technology with a severe understanding of the financial markets. His interest in economics and financing has focused on emerging technology and encrypted technology markets. He is committed to continuous learning and remains eager to share the knowledge he acquires. In his spare time, Booshan enjoys reading excitement novels and sometimes exploring his cooking skills.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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