Microsoft Passed On Bitcoin While GameStop Jumped In: Who’s Laughing Now?
Video game retailer GameStop Corporation (NYSE:GME) became one of the newest companies to buy Bitcoin (CRYPTO: BTC) for its balance sheet.
The move comes months after the world’s largest company Microsoft Corporation (NASDAQ:MSFT) decided not to buy Bitcoin in December.
What Happened: GameStop announced it bought 4,710 Bitcoin in a press release Wednesday. The move follows months of speculation and reports the company was preparing to invest some of its billions of dollars in cash into the leading cryptocurrency.
The company joins the growing likes of MicroStrategy Inc (NASDAQ:MSTR) that wish to have Bitcoin on the balance sheet instead of cash as a hedge against inflation or with the belief that Bitcoin’s price will continue to go up.
MicroStrategy Chairman Michael Saylor has been a vocal Bitcoin supporter and also argued that companies should be adding Bitcoin to their balance sheets.
Saylor gave a brief presentation to Microsoft’s board …
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