Popular Bitcoin critic Peter Schiff has denounced GameStop for Bitcoin investment after American video game retailers saw a stock price plunged by more than 2%.
The recent decision by GameStop to raise convertible debts to fund future Bitcoin purchases has received mixed reactions from the crypto community. The move has received prominent support from investors, but Peter Schiff led the criticism.
In a recent X post, Schiff expressed his belief that the 15% surge in GME prices on the last day was influenced by the buzz regarding the company’s Bitcoin strategy.
He said Gamestop’s Bitcoin Pivot hype caused FOMO-driven purchases, leading to a temporary price spike. However, as the company lost its “15% Bitcoin-inspired profit” that day, Schiff claimed that investors who didn’t consider Bitcoin a viable long-term investment had begun selling it. He labeled those selling $gme as “smart.”
Schiff also described Bitcoin institutional investors as gamblers and denounced Bitcoin for Gamestop’s repeated stock dips.
GME is now crushed. That day it fell 22%, down 26% from yesterday’s highest. Gable for companies buying Bitcoin is not a good investment strategy.
– Peter Schiff (@peterschiff) March 27, 2025
Schiff’s criticism of GameStop’s Bitcoin adoption has received mixed reactions. Some commenters agreed with his stance, while others questioned his expertise. One X user accusing Schiff of posting anti-cryptography, he is only responsible for farming involvement, not from true belief.
Meanwhile, other comments expressed bullish sentiment over Gamestop’s potential despite recent declines. According to Coinmarketcap, GME prices fell 6.68% last week as of March 27th.
GameStop mimics MicroStrategy’s business model
GameStop’s Bitcoin adoption plan is supported not only by crypto enthusiasts, but also by institutional investors who follow similar strategies, particularly micro-tactics.
According to a report by U.Today, MicroStrategy’s Michael Saylor encourages GameStop to double Bitcoin. The founders of the investment company are particularly interested in how much Bitcoin Gamestop buys to gain the respect of the community.
Many investors remain optimistic about GameStop’s future and hope to perform similarly to MicroStrategy after adopting a comparable business model.
