Skip to main content

Market Overview

Why Scaramucci Sees GameStop Rally As A Positive Backdrop For Bitcoin

Why Scaramucci Sees GameStop Rally As A Positive Backdrop For Bitcoin

Stocks of several companies including GameStop Corp. (NYSE: GME) are seeing a dizzying rally fueled by the users of the WallStreetBets community on Reddit.

While several experts, including Scion Capital’s Michael Burry, have termed the rally as “insane” and “dangerous,” there is at least one analyst who thinks this short squeeze can serve as a positive backdrop for Bitcoin (BTC).

What Happened: According to SkyBridge Capital’s Anthony Scaramucci, the GameStop rally is a symbol of decentralized finance and the low-cost trading led by retail investors is a sign of democratization of what was until now “an insular and highly concentrated business of money management,” Bloomberg reported.

“The activity in GameStop is more proof of concept that Bitcoin is going to work,” Scaramucci told the newswire. “How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”

As per the analyst, we are now in the age of the “micro investor” and those who don’t take it seriously will “get taken to the cleaners.”

See Also: SkyBridge's Anthony Scaramucci Talks Up New Bitcoin Fund, Crypto's 'Exponential Liftoff'

Why It Matters: Bitcoin has itself seen a dizzying rally that saw it surge from trading below $10,000 levels in July last year to above $41,000 earlier this month.

The rally has muted since, paving way for altcoins, with Bitcoin trading at $31,236.80 at press time.

Several analysts are cautioning that while Bitcoin’s outlook may be bearish in the short-term, the long-term prospects remain positive.

Read Next: Why This Analyst Can See Ethereum Skyrocketing To $10,500

Photo courtesy: Ardfern via Wikimedia


Related Articles (GME + GBTC)

View Comments and Join the Discussion!

Posted-In: Anthony Scaramucci Bitcoin BlockchainCryptocurrency Hedge Funds Markets Media General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at