On March 25, GameStop announced its decision to add Bitcoin to its balance sheet, and it seems nobody is as excited about the gaming company’s plan as Michael Saylor.
Saylor asked the crypto Twitter community on March 26 to vote on the minimum amount of Bitcoin GameStop “needs to buy to be respected by Bitcoiners.”
The community’s response so far is revealing. 48% of the respondents want GameStop to make a “King Move” and buy more than $3 billion worth of Bitcoin. 28% want it to buy Bitcoin worth $1 billion, like Elon Musk’s Tesla. 18% want it to go for Strategy’s “MSTR Starter Kit” of $250 million worth of Bitcoin.
Saylor’s excitement about GameStop’s Bitcoin plan is understandable. After all, the gaming company is only following in the footsteps of MicroStrategy (Nasdaq: MSTR), recently rebranded to Strategy, that Saylor co-founded in 1989. A software company, Strategy has attracted attention from all quarters for its aggressive Bitcoin acquisitions that it began purchasing in 2020.
With 506,137 Bitcoin, Strategy is the largest corporate holder of Bitcoin. Now that GameStop has joined the select group of Bitcoin holding companies, Saylor is happy to see the tribe growing.
Post the announcement by GameStop, Saylor posted an image on X (formerly Twitter) in which he was posing with the gaming company’s CEO Ryan Cohen. “Welcome to Team Bitcoin,” Saylor wrote.
N7 Capital founder and CEO Anton Chashchin told TheStreet Roundtable, “One of the reasons is the company’s net sales decline of about 20% yearly. Usually, in such situations, companies choose various strategies and tactics.”
Chashchin added, “Another reason which stems from the first one is the company’s desire to position itself as innovative and to appeal to tech-savvy audiences… Besides, it may be connected with the company’s intention to grab investors’ attention and enhance their confidence in the potential of BTC.”
Angel investor Jason Calacanis has a different take on the development. He posted on X on March 26, “If you’re a public company that can’t figure out a business model, buy bitcoin!”
As per Kraken’s price feeds, Bitcoin was trading at $86,702.62 at press time.
