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

By Bhushan Akolkar
Published March 11, 2021 Updated March 11, 2021
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Bitcoin (BTC) Is One Corporate Announcement Away From $60K. Who’s Next – GameStop or Oracle?

By Bhushan Akolkar
Published March 11, 2021 Updated March 11, 2021

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.

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.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
882 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.