Peter Schiff Says Bitcoin Is Overpriced Than GameStop After GME Stock Price Rally

Highlights

Peter Schiff claims Bitcoin is "even more overpriced" than GME stock, after the latter's 20% rally.
GameStop is reportedly considering adding Bitcoin to its balance sheet, echoing the approach taken by firms like MicroStrategy.
Sources clarified Saylor is not involved in GameStop's crypto discussions.
GameStop shares are consolidating within a falling wedge, a bullish chart pattern, which can lead to rally to $29.

Bitcoin critic Peter Schiff has slammed GameStop’s decision to use its cash to buy Bitcoin. The news was enough to send the GameStop (NYSE: GME) stock soaring by a massive 20%. Commenting on this, Schiff said that Bitcoin is still overvalued in comparison to GME.

Peter Schiff Slams GameStop’s Bitcoin Investment Plan

Bitcoin critic and economist Peter Schiff has voiced skepticism over GameStop’s recent announcement regarding a possible Bitcoin acquisition. Schiff described the move as a “Hail Mary” from the company, which he claims lacks a viable business plan. In his message on the X platform, Schiff wrote:

“GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin”.

The Bitcoin critic further argued that BTC is “even more overpriced than GME,” drawing a parallel between the two as speculative assets. Notably, BTC price exchanged hands at $97,055 as of press time, which is up nearly 1% intraday.

Meanwhile, several global firms have started adopting the MicroStrategy playbook of adding Bitcoin to their balance sheets. Over the past four years, this strategy has yielded multi-fold returns for MSTR investors. Japanese firm Metaplanet also witnessed its stock price surge more than 4,000% in less than a year of adopting the Bitcoin playbook.

However, Peter Schiff has said that just adopting Bitcoin to boost the stock price is not a good sign, if the business has no underlying strength.

Will Meme GME Stock Continue to Rally?

Everyone knows the massive GameStop frenzy that took Wall Street by storm in January 2021, liquidating several hedge funds in this process. Back then the GME Stock price rallied from $5 to $80 in less than a month’s time.

Now that the video game retailer is considering adding Bitcoin to its balance sheet, we could possibly see yet another explosive rally in GME stock. Note that the company is still in the consideration phase for crypto investments and hasn’t finalized yet.

Last weekend, GameStop CEO Ryan Cohen shared a photo on social media platform X featuring Michael Saylor, co-founder and chairman of MicroStrategy, the largest corporate holder of Bitcoin. However, sources familiar with the matter stated that Saylor is not currently involved in GameStop’s discussions about potential cryptocurrency investments.

In 2022, GameStop made a foray into the crypto space by launching wallets to manage cryptocurrencies and non-fungible tokens (NFTs). However, the company discontinued the service in 2023, citing “regulatory uncertainty” as the reason for the closure.

Next Targets for GME

Since reaching a seven-month high in early January, GameStop shares have formed a falling wedge pattern, a bullish chart formation suggesting a potential upward breakout once the upper trendline is surpassed.

Investors should watch the $29 level closely, as this range aligns with a horizontal resistance zone tied to multiple price points, including last July’s swing high. A breakout above $29 could pave the way for further gains, potentially driving the stock toward the $32 region.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

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.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

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.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.