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

Prashant Jha Sunil Sharma Bitcoin News PublishedJanuary 30, 2021 | ModifiedJanuary 30, 2021

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

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.

New CME data also reveals that hedge funds are twice more short short in Bitcoin futures and Bitcoin worth $1.237 Billion is on short orders.

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.

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Sunil Sharma 156 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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