Highlights
VanEck advisor Gabor Gurbacs has recently taken to a post on X, taking a dig at the TradFi (Traditional Finance) system amidst GameStop meme stock’s recent buzz across Wall Street. Gurbacs deemed the system worse, hailing the Bitcoin ecosystem better in his post dated June 3. This statement appears to have sparked a wave of discussions across the global crypto community amid the SEC’s tightened grip on digital assets, while meme stocks gain popularity in tandem with similar characteristics.
In his post, Gurbacs spotlights how GameStop meme stock revived, rallying over 40% on ‘The Roaring Kitty’s,’ aka Keith Gill’s announcement of a live stream on YouTube coming Friday. Conversely, Berkshire Hathaway (NYSE: BRK.B) plunged 99% during the same week, which the VanEck advisor claims to be “invalidating any criticism regulators will ever have against Bitcoin.”
Gurbacs adds, “The TradFi system is way worse than Bitcoin exchanges and the ecosystem at large.” His statements underscore a sense of dismay at the SEC’s scrutiny of cryptocurrency nationwide, while TradFi runs in hand with the same properties.
Meanwhile, according to Nasdaq data, the GME stock price rallied 47.45% to $46.55 at press time. The meme-based investment product has further echoed a frenzy across Wall Street as Roaring Kitty brings an additional $586 million worth of stock and options positions. This has added to the GME stock’s phenomenal price rally witnessed recently.
Also Read: Crypto Prices Today June 7: Bitcoin Stands Firm Above $71K, Wormhole (W) Soars 12%
In the interim, it’s also worth noting that while GameStop GME meme stock rallied nearly 47%, the Solana-based meme coin GME, a crypto inspired by GameStop but not connected to it, has rallied over 150% amid the ongoing buzz. Although presenting investors with the same price volatility, the meme coin has gained significantly more than the meme stock.
Nonetheless, the war between DeFi and TradFi enthusiasts continues, with prominencies further voicing their opinions.
Also Read: Bitcoin Whales Buying $1 Billion Worth BTC on Daily Basis, $80,000 Coming Soon
Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…
The crypto market has, for a while now, been pricing a potential 25 basis points…
Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…
Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…
Crypto ownership is a topic that has been discussed across major forums globally in the…
Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…