GameStop bought $500 million in Bitcoin

GameStop announced it had purchased it on Wednesday 4,710 Bitcoinit is worth over $500 million when purchased.

Video game retail chains have struggled to relate to an era when digital game purchases are becoming more and more popular. Furthermore, the company unconsciously has created a new kind of infamy. Short aperture 2021.

The GameStop stock is bulging a bit from where it was before interference GameStop still reports annual declines as Reddit Community R/WallStreetBets is years away from the unpredictable moments of the spotlight Net sales.

To support that finance, GameStop announcement Updated its investment policy to add Bitcoin as a Treasury reserve asset to investors in March, news today represents a follow-through on Gamestop’s promise. GameStop Stock I stumbled rear Crypto-related announcements are likely to be made due to investors’ concerns about the historical volatility of cryptography.

GameStop’s recent interest in Bitcoin is not as random as it looks.

Under former President Joe Biden, the US government cracked down on the crypto industry for its connections. scam and corruption. Now the Trump administration has reversed the script, Bitcoin Reserve. Trump’s Media Company They also plan to raise $2.5 billion to buy Bitcoin.

Trump even invited his top holder Memecoin – Volatile cryptocurrency that doesn’t remain the real determinant of value, but is glued to private dinners at the White House at the whims of trolls in certain online communities.

As Trump and his family got more involved in the code, his enemies raised concerns about Trump’s ability to manipulate the crypto market for his own financial interests.

Chuck Schumer (D-NY) and Jeff Merkley (D-OR), co-hosted by 17 other Democrat senators, responded with “” an increase in “Trump’s investment in crypto.”Final Cryptocratic Law. ”

“Now anyone who wants to develop influence with the president can personally enrich him by purchasing cryptocurrencies he owns or manages,” Senator Merckley said. press release. “This is a very corrupt scheme. It puts our national security at risk and erodes the public’s trust in the government.”

But without support across the aisle, these efforts to ease Trump’s ethically questionable crypto investments are unlikely to gain momentum.

With the US government on its side, Bitcoin prices jumped to an all-time high in May, falling to around $75,000 in April before breaking the $110,000 mark. Companies like Tesla, Coinbase, and Block The company has already purchased a large amount of Bitcoin as a way to expand its assets, each holding $1 billion worth of Bitcoin.

Today, with the purchase of large-scale Bitcoin, GameStop is following in the footsteps of these companies.