Surprising Statements from the GameStop CEO Who Purchased a Large Amount of Bitcoin (BTC): “We Will Not Be Like MicroStrategy”

Ryan Cohen, CEO of US video game retailer GameStop, stated that the company's cryptocurrency investment is a hedge strategy against inflation rather than a imitation of the MicroStrategy model. “I see it as a hedge against inflation and global money supply expansion. We'll see what happens,” Cohen said on CNBC's Squawk Box. GameStop invested more than half a billion dollars in late May by purchasing 4,710 Bitcoin. This move came just before Bitcoin reached all-time highs of over $120,000. Related News: US President Donald Trump Makes Hot Remarks on Cryptocurrencies - Shares a Long Statement MicroStrategy (now Strategy) has become the largest Bitcoin holder in the institutional world by purchasing billions of dollars worth of Bitcoin in recent years. This strategy led to a rapid but volatile rise in the company's stock. However, Cohen stated that GameStop will not follow suit: “We have a unique strategy. We have a strong balance sheet with over $9 billion in cash and securities.” Under Cohen's leadership, GameStop is focusing on cutting costs and simplifying operations to restructure its brick-and-mortar business model and make the company profitable. “We will manage our capital responsibly, just as we would our own money,” he said. “We will focus on opportunities where risk is limited and potential rewards are high.” *This is not investment advice. Continue Reading: Surprising Statements from the GameStop CEO Who Purchased a Large Amount of Bitcoin (BTC): “We Will Not Be Like MicroStrategy”