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Why Bitcoin [BTC] Could be Next GameStop [GME]?

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Bitcoin (BTC) could emulate the success of GameStop stocks as recent data reveals that the top cryptocurrency is heavily shorted by hedge funds just like GME. One Hedge Fund called Fred Capital has $7 trillion in short positions against the top cryptocurrency.

GME stocks skyrocketed after a Redditor found Melvin Group Hedge Fund has bought billions in short positions against the gaming chain. He created a group asking followed to short squeeze the GME stocks by buying as much as everyone can.

This skyrocketed GME stock prices above $450 liquidating billions in the Short position.

The crypto community-backed the fight against wall street as they also share a similar sentiment towards the centralized banking system. Bitcoin in itself is projected as a financial revolution challenging the established and flawed financial infrastructure. The revelation that hedge funds have heavily bought short positions running into trillions could propel already bullish digital assets to new highs.

Can ‘Short the bankers’ Sentiment Drive Bitcoin Price

A bunch of Redditors along with the retail market rocked the entire wall street after they decided to beat the big check investors in their own game. The sentiment could well transition into an already bullish cryptocurrency world, as short the banker sentiment seems to have grown in the wake of the GME price boom.

Elon Musk whose tweet helped GME stocks to gain nearly $4 billion in market cap lashed out against hedge funds and short investors after many big wigs claimed the GME price rise was manipulation.

Musk the very next day changed his bio to Bitcoin showing his support for the top cryptocurrency and what many claimed an entry of Tesla and Elon Musk into Bitcoin. The price of BTC shot up by nearly 20% post Musk’s Twitter bio update.

Many claimed that the price rise was because of Musk while others believe it was because of the exploring Bitcoin options worth billions.

The post Why Bitcoin [BTC] Could be Next GameStop [GME]? appeared first on Coingape.



Source: Why Bitcoin [BTC] Could be Next GameStop [GME]?

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