Bitcoin (BTC) Is One Corporate Announcement Away From $60K. Who’s Next – GameStop or Oracle?

11 Mar, 2021 Updated 11 Mar, 2021

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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After surging all the way above $57,000 on Wednesday, Bitcoin (BTC) has been holding its ground above its crucial support of $55,000. However, BTC is currently facing a downward pressure with drying stablecoin supply at the exchanges.

Bitcoin investors are keenly observing all the latest developments and eagerly awaiting the next big corporate announcement that can catapult BTC above $60,000. As per market analysts, the next big corporate Bitcoin investment can either come from GameStop or tech giant Oracle.

The GameStop (NYSE: GME) has taken Wall Street by storm surging all the way to $350 in January. But after a muted February, the stock has again caught up its northward trajectory. In the last 20 days, GameStop has surged another 500% ending Wednesday’s session 7% up at $265.

CNBC advisors have been constantly hinting and advising the GameStop board to buy Bitcoin. On Wednesday, CNBC advisory council Douglas Boneparth tweeted:

“Just a matter of time before GameStop does a stock split, gets added to the S&P 500 and converts its balance sheet to bitcoin”.

Last month, CNBC-TV host Jim Cramer also suggested a similar move for GameStop. Cramer suggested that instead of issuing $1 billion in stock options, buy $1 billion worth of Bitcoin.

One last time: GME-issue one billion dollars in stock, Buy one billion in bitcoin and watch your stock go to $430… I wonder if Jim Bell objected to that plan.

— Jim Cramer (@jimcramer) February 24, 2021

He further added: “Okay, Gamestop has another chance to sell equity. But it won’t do it so we have to deal with this again. This is so wild west.. The SEC must be having a fit!!! Not the one on CBS, the one in Washington.”

Rumors About Oracle Buying Bitcoin

On the other hand, there have been strong rumors of corporate and tech giant Oracle entering the Bitcoin game. There were strong suspicions that Oracle would announce the purchase of 72,000 BTC during its earnings call. However, that didn’t actually turn out the case.

Speaking to CNBC, Oracle co-founder Larry Ellison looked positive on the trading outlook. However, hasn’t specifically mentioned anything about Bitcoin. “I’m not really ready to disclose our plans as to why I think it’s going to suddenly spike but we expect very, very rapid database growth next year,” he said.

However, with no announcement from Oracle yet, it doesn’t completely rule out the possibility that the tech giant may enter Bitcoin in the future. Here’s an interesting tweet from entrepreneur Jeff Booth.

For those caught in the day to day pricing of #Bitcoin, it is a long journey. The fact that Oracle hasn't bought "yet" is very bullish and signalling how early it still is.

— Jeff Booth ⚡️ (@JeffBooth) March 10, 2021

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.