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@gamestop - GameStop
GameStop CEO Ryan Cohen discusses Bitcoin acquisition https://t.co/CW3dqyVX01
Video Transcript AI Summary
Ryan Cohen discussed GameStop's turnaround, stating the company was losing money and needed aggressive cost cuts and fiscal discipline. He shifted the focus from solely video games to collectibles, including trading cards, and implemented grading in some stores. Cohen stated that GameStop is now profitable in the US. He replaced executives making shortsighted decisions that hurt shareholders and focused on running the business profitably.
GameStop has purchased 4,710 Bitcoins. Cohen believes Bitcoin, like gold, can hedge against currency devaluation and systemic risk, but with advantages in portability, authenticity verification via blockchain, easy storage, and a fixed supply. He sees asymmetric upside potential if Bitcoin becomes digital gold, but acknowledges uncertainty. GameStop is following its own strategy, not emulating others. Cohen's message to the Bitcoin community is to make independent decisions and do what they are comfortable with.
Full Transcript
Speaker 0: What's up everybody? It's David Bailey from BTC Inc. And I'm here with the man, the myth, the legend, Ryan Cohen from GameStop. What's up, Ryan?
Speaker 1: What's up? How are you?
Speaker 0: Doing well, man. I'm enjoying these Bitcoin prices. How about you?
Speaker 1: It's all good.
Speaker 0: Well, let's get started. We're talking we're talking innovative corporate strategies. We're talking pioneering new new paths. You turned GameStop around from a dying business to a thriving business. How'd you do it?
Speaker 1: When I took over, the company was a piece of crap and losing a lot of money. The company was under a lot of pressure moving from physical games to digital downloads, so you had to cut costs. You had to cut costs very aggressively and bring in fiscal discipline, and we did. Retail is a is a tough business, but it was a big focus on getting costs under control. You've got a lot of macro headwinds going against the company.
You have a move from physical games to digital downloads, and we needed to get the costs under control. And also shift the business from being so reliant on video games to collectibles, which we've done. And so now there's a big focus on trading cards. We're doing grading in a a bunch of stores, and we're selling a lot of trading cards both in sports and TCG. But the company today is profitable in The US, and we've gotten our our costs under control.
You had a lot of you had a lot of executives and directors that were very shortsighted, and effectively, were making decisions that were what they call in corporate America in, good corporate governance, which is effectively screwing shareholders. So we got rid of all of that nonsense and and we focused on running the business profitably.
Speaker 0: Well, you also made some news about what a month ago or so that you raised some money that you might use to buy Bitcoin. I guess the million dollar question that everyone wants to know is has GameStop bought Bitcoin?
Speaker 1: We have. We have bought Bitcoin.
Speaker 0: Okay. How much?
Speaker 1: We have we currently own 4,710 Bitcoins.
Speaker 0: Let's go. Let's go. So tell us about that. Why did GameStop decide to buy Bitcoin?
Speaker 1: It was, if the thesis is correct, then Bitcoin and gold as well can be a hedge against global currency devaluation and systemic risk. Bitcoin has certain unique advantages compared to gold. The portability aspect of it, it's instantly transferable across the globe, whereas gold is bulky and very expensive to ship. The authenticity, it's instantly verified via the blockchain. The storage, you can easily secure Bitcoin in a wallet, whereas gold requires insurance, and it's very expensive.
There's the scarcity element of it as well. There's a fixed supply of Bitcoin, with gold, certain technological advances, the the the supply of gold is still uncertain. And then ultimately, there's the asymmetric upside. Gold is a more mature market. It's sort of roughly around 20,000,000,000 20,000,000,000,000 of of market capitalization, whereas Bitcoin today is about 2,000,000,000,000.
And if the thesis is correct, then ultimately gold become Bitcoin becomes digital gold, we adopted, then then there's there's more upside, but we'll see what happens. Nobody has a crystal ball, but that's the current thesis.
Speaker 0: Well, congratulations. And I feel like GameStop is the ultimate meme stock and Bitcoin is the ultimate meme money. And if you combine the two, you get a meme super cycle. So, you know, what's what's the next for GameStop and Bitcoin? Are you going to buy more Bitcoin?
Is this the next micro strategy, the the next meta planet or or even better?
Speaker 1: We're not gonna call our shots in advance for obvious reasons, but GameStop is following GameStop strategy. We're not following anyone else's strategy.
Speaker 0: Okay. So to summarize, embrace the GameStop theory. I like it. So final question. The world is watching right now.
Everyone at the conference is watching this this interview. We probably have 10,000,000, 50 million people on the livestream. What is the message you'd like to send the global Bitcoin community and everyone who's watching this this interview right now?
Speaker 1: No pressure. No pressure. Don't follow GameStop. Make your own decisions independently. It's my message.
Just do whatever you're comfortable with.
Speaker 0: Don't trust Verifi. Let's go. Well, Ryan, thank you for hopping on. Congratulations on your Bitcoin buy to many more. Let's go.
Thank you. Yolo. Yolo.
@gamestop - GameStop
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@GameStop - GameStop
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