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Sunday, April 18, 2021

Bitcoin, GameStop And The Story Of Wall Street Resentment

According to the latest sources, the future is not only Bitcoin but another stock, namely GameStop (NYSE: GME) is also rising at an unprecedented rate to shake the market. Wall Street investors are not happy about the situation.

To the surprise of many, a video game stock is becoming a threat to traditional investors at Wall Street. GameStop’s stocks traded at $18.84 during the end of 2020. However, not a month later, the price of GME stocks have reached $147.98. This suggests that the stock price had an upside of more than 50% since its last close. The cost of GME stocks have currently surpassed $220.

GameStop Prices Continue To Rise Much To The Dissatisfaction Of Wall Street

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These figures have the ability to shock anyone who sees them but the reason behind this occurrence is also crucial. GameStop stocks are not rising naturally. This bull is happening not because traditional or institutional investors are pumping it up. Quite the contrary, a motley group of Redditors or small traders who are also known as “r/WallStreetBets” have been injecting money into this stock to decimate the big hedge funds associated with Wall Street.

Decentralized prediction market giant PredIQt’s CEO William LeGate talks about this situation in detail. He mentions that the price-action that can be seen happening with GameStop is majorly driven by the resentment of general masses towards Wall Street and the entire banking system in the United States.

He further explained how the rich get richer and the poor get poorer in this scheme of things. He took the example of the financial crisis of 2008 and 2020 to explain this. The massive surge in Bitcoin and associated cryptocurrencies alongside such surges are an attempt to take on the bigger establishments and rigged institutions, he suggests.

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