GameStop, a well-known video game retailer, is seriously considering the use of cryptocurrency as a payment method for trading cards. CEO Ryan Cohen noted that this depends on customer demand.
Company Considers Crypto for Collectibles
GameStop is exploring the introduction of cryptocurrency as a payment method for trading cards and other items. CEO Ryan Cohen stated in an interview with CNBC that the company wants to reduce its dependence on hardware and focus more on collectibles.
> “There’s an opportunity to buy trading cards and to do so using cryptocurrency. So, we’ll see how much there is on the actual demand side for that kind of product,” Cohen said.
Bitcoin Seen as Protection, Not a Copy of Others
In late May, GameStop purchased 4,710 bitcoins for over $500 million. Cohen noted that the decision was made to protect value amid rising inflation and currency concerns.
> “The utility of crypto beyond investing is a hedge against inflation,” he said. Cohen also pushed back against the idea that GameStop is following in the footsteps of other companies, stating that they have a unique strategy.
Share Price Remains Flat After Announcement
GameStop's stock did not show significant movement following Cohen’s comments, dipping 2% during the day and slightly rising after the market closed. Currently, the shares are trading at $23.20. In May, GameStop shares jumped by 30% ahead of the Bitcoin purchase but again fell in June after a new fundraising plan was announced.
Despite past failures in the cryptocurrency space, GameStop continues to examine the potential incorporation of blockchain into its business strategies in response to evolving market conditions.
