As per Anthony Scaramucci, the GameStop rally only shows how Bitcoin as a concept, works and will succeed in the future so let’s read more about it in our latest Bitcoin news.
The GameStop rally only symbolizes the individual power that surpasses the might of Wall Street. Scramucci who co-founded alternative investment company SkyBridge Capital explained about the decentralized crowd’s power in the market and also individuals acting in unison can shift this status quo sentiment:
“The activity in GameStop is more proof of concept that Bitcoin is going to work. How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”
Scaramucci commented that this situation came as a result of the low-cost smartphone trading which made the world of traditional finance democratized but what’s more important he sees people’s power as the main driving force. He believes that this is good for BTC as many already consider it “the people’s money” or the antithesis of what Wall Street is. SkyBridge Capital launched its $310 million valued BTC Fund LP and speaking of it he said:
“We believe Bitcoin is in its early innings as an exciting new asset class.”
The stock price of failing video game retailer GameStop rallied more than 700% over the past week. It operates over 5000 stores across the US, New Zealand, Europe, and Canada but like many retailers suffered quite the blow due do consumer spending and forced closures because of the pandemic. However, the chain store group is now the main focus of a battle between Wall Street and Robinhood traders.
The subreddit r/wallstreetbets is attributed as the HQ form where small-time traders were coordinating their actions. The latest threat titled “The GME Thread part 2.1 for January 27, 2021” is pinned post with 6.8K comments made. Melvin Capital also conceded defeat by closing the short positions against the company after losing billions while Carson Block of Muddy Waters did the same:
“It’s not rocket science — massively reduce your shorts or risk going out of business. This phase will pass, but in the meantime it’s best to be a spectator rather than a participant.”
Right now, Wall Street losses on the short by $6.12 billion which shows that once you bet against the people, you will most likely lose.
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