GameStop's bitcoin move feels 'dot-com' era move, trader argues
GME) shares jumped after announcing it was going to start adding bitcoin (BTC-USD) to its reserves, though the shares reversed course in after-hours trading on Wednesday after revealing how it was going to raise funds to buy the cryptocurrency. One person who is not a fan of the move is tastylive Founder and CEO Tom Sosnoff, who argues it feels like a move from the dot-com bubble. Find out why in the video above.
To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
Let me get your take on some some specific names that I know are on your radar, um Tom, one was GameStop, um, rare analysts knowing, listen, rare operating profit there for its holiday quarter. I'm curious, you look at that name, you see what?
Well, I looked at the, you know, GameStop's funny cuz I traded it for earnings last last night. And um, you know, we were kind of put sellers like we always are for earnings. And it worked out, but it worked out for all the crazy reasons, which was I I actually hated the news in GameStop today. Not because they missed their earnings or any of that kind of stuff, really because I don't consider it's an interesting business model to me to
Why why not, Tom? Why why do you say that?
Well, because it feels it feels a little dot-com-ish to me. It feels a little like, oh, I'm going to throw a .com on the end of my name. I'm going to buy some Bitcoin with our excess cash because we can't find a company that's going to be accretive. We can't find innovation that's going to help us build the company. We're just going to buy some digital assets because it has asymmetric upside and because the volatility is trading higher than, you know, some multiple of risk-free rates. I mean, that's the logic there. I absolutely hate that. I think it's it's way too much Ponzi scheme-ish to me. And if it backfires on a principle basis, I don't like it at all.
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