GameStop Buying Bitcoin Is A ‘Hail Mary’ From A Company With ‘No Viable Business Plan’: Peter Schiff

Even as GameStop‘s (NYSE:GME) stock surged on reports that the company is considering investing in Bitcoin (CRYPTO: BTC), economist Peter Schiff sees the move as a desperate attempt to stay relevant.

What Happened: Schiff, a long-time Bitcoin critic, said on Thursday on X that while GameStop has no viable business model, the irony is that Bitcoin itself is even more overpriced than the video game retailer’s stock.

GameStop, which has struggled to maintain consistent profitability, saw its shares rise 8.6% in pre-market trading Friday after reports surfaced that the company is exploring Bitcoin and other cryptocurrency investments.

CNBC reported that GameStop is still evaluating whether such a move aligns with its business strategy, and no final decision has …

Full story available on Benzinga.com