Key dealers
- Gamestop looks at its Bitcoin investment of $ 500 million as a fuse against inflation and global money pressure.
- The company is considering accepting crypto payments for trading cards.
Gamestop, with the support of a strong balance sheet with over $ 9 billion in cash and turnover, plans to distribute more capital in bitcoin and digital assets after its initial investment, but only when the conditions constitute a favorable risk reward profile, says CEO Ryan Cohen on a Tuesday interview with CNBC’s “Squawk Box.”
Gamestop announced in May that it had acquired 4,710 bitcoin In its first BTC purchase ever. The company reportedly considered investing in Bitcoin and other crypto assets after a meeting between Cohen and Bitcoin Advocate Michael Saylor.
Cohen saw the first investment of $ 500 million in bitcoin as “a fuse against inflation and global money pressure.”
“We have our own unique strategy and we have a very strong balance sheet, over $ 9 billion cash and turnover securities, and we will distribute that capital responsibly because I would make my equity and only look for opportunities where the disadvantage is limited and there is much upwards,” said Cohen when he asked about Gamestop’s approach strategist strategist strategist. “So we will be opportunistic when we see these opportunities.”
Cohen also said that the video game dealer is investigating crypto payment for trading cards, but indicated that the idea is moving forward will depend on the customer’s demand.
“There is definitely an opportunity to actually use crypto in space, and the use of crypto in addition to investments is a hedge against inflation. I think it has so far been the greatest demand for crypto,” Cohen said.
“The ability to actually use crypto in transactions is something that is an opportunity,” he noted. “It’s something we are looking at.”