Renowned economist Peter Schiff slammed GameStop Corp.’s (NYSE:GME) Bitcoin (CRYPTO: BTC) investment strategy as the company’s shares nosedived on Thursday.
What Happened: Schiff took to X, chiming in on the video game retailer’s pullback. “GME is now getting crushed. It’s down 22% on the day, down 26% from yesterday’s high,” the staunch Bitcoin critic highlighted.
Moreover, he referred to individuals who fell for the hype as “fools,” adding that “smarter” individuals are exiting the market upon realizing that wasting money buying Bitcoin is not a viable long-term business model.
“Now that all the fools have already rushed in, smarter investors are selling as they realize that wasting cash buying Bitcoin is not a viable long-term business model.”
Full story available on Benzinga.com