Scaramucci Says GameStop Proves “That Bitcoin Is Going To Work”

The Reddit group Wallstreetbets managed to steal the limelight from Bitcoin for at least a few days with their incredible Gamestop action. If you haven’t read the story, we reported on it yesterday and it is a must read for anyone wanting to know what a younger generation of investors can do against Wall Street if they team up.

By now, the hedge fund Melvin Capital has been bailed out by fellow Wall Street firms after it had to close out its short position in Gamestop. Its losses are in the billions of dollars.

Commenting on the whole saga, as were so many others, was former White House director of communications and Skybridge Capital CEO Antony Scaramucci. According to him:

the activity in GameStop is more proof of concept that Bitcoin is going to work.

How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.

Democratizing the field

There were memes allover the internet yesterday showing how youngsters in the US were making thousands of dollars on Gamestop in trading via Robinhood, all because of the fact that they had joined a group of millions on Reddit who were all keen on holding on to 1 stock.

Scaramucci manages a $9 Billion investment fund called SkyBridge Capital and is heavily invested in Bitcoin. He furthermore explained that:

people having easier access to the formerly insular and highly concentrated endeavors of investing due to smartphones and low-cost trading have “democratized” the field.

He finished with:

It’s the age of the micro investor and you better take it seriously, otherwise you’ll get taken to the cleaners.

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