GameStop shares rose 275% in one week, driven by Reddit users. This impact that retail investors had on Wall Street had a great impact. While many famous names joined the GameStop stream, Anthony Scaramucci explained that this situation positively developed for bitcoin. Skybridge Capital COO Anthony Scaramucci said what happened on Wall Street was an example of decentralization. According to Scaramucci, who emphasized that decentralization is the basis of Bitcoin, what happened in the GameStop incident is proof that bitcoin will continue to grow.
What’s happening on Wall Street?
GameStop (GME) shares rose 700% this year. It has seen an increase of 275% in the last week. The factor that suddenly raised GameStop was Reddit users. Retail investors joined in Reddit’s Wallstreet bets subreddit, loaded it into GameStop shares, and made it a trend. While many investors were caught in this trend, donations began to be collected for GME shares. Names like Elon Musk and Cameron Winklevoss supported this movement.
However, according to reports, the pump from retail investors has been interpreted by some as market manipulation. It was stated that some called for the US Securities and Exchange Commission (SEC) to initiate an investigation on the subject.
Emphasis on decentralization
Investor and entrepreneur, Balaji S. Srinivasan, stated that referring to the events taking place on Wall Street, the SEC exists only to regulate institutions and does not have the authority to regulate millions of investors. Anthony Scaramucci implied that communities’ regulation is not possible under current conditions, “How can you defeat a decentralized community? All these events reveal the importance of decentralized finance. ” said.
P.S: This is not an investment advice