What’s happening with GameStop, a video game rental company that’s losing money is educating investors on the power of community, social media, decentralization and a willingness to pour capital into something you believe in. It’s time to review the wild ride that is a GameStop, gain an understanding of a short squeeze, and learn about how this is all going to spark a new wave of adoption for Bitcoin and DeFi.
Bitcoin is sitting at approximately $47,000 Canadian at the time of this writing, gaining a whopping 15% overnight thanks to Dogecoin daytraders, Elon Musk, and the desire of those investors to take profits. Plus GameStop and a dedicated Reddit community ignite a revolution against Wall Street.
For those just joining the conversation or having a hard time understanding what’s going on, allow us to give you a very high level rundown. Here is what’s been happening between a community on Reddit, a gaming company called GameStop, and hedge funds.
These predictions are meant to be bold, but that doesn’t mean there won’t be any possibility of them happening. Some of these predictions are admittedly crazy, but it wasn’t that long ago that investors thought the idea of Bitcoin continually proving itself to be a strong store of value was nuts.
The price of Bitcoin is down 16% over the last week and it appears the bears may finally be in control. $39,000 Canadian is now a key level of support. Should the price reach below that, investors could finally see a dip back to prices that the market was seeing before the holidays last year.
No matter what anybody tells you, it’s not too late to invest in Bitcoin. Yes, it’s true that the price of Bitcoin is going parabolic, and yes, it’s true that Bitcoin is up nearly 260% in one year. That said, you’re going to learn that the fun is just beginning and that continuing to HODL in the long run is going to pay off.