VanEck Advisor Slams TradFi Over GameStop Saga, Hails Bitcoin

Business

VanEck Advisor Slams TradFi Over GameStop Saga, Hails Bitcoin – Crypto News

Published

1 year ago

June 7, 2024

Dripp

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.

VanEck Advisor Strikes Against GameStop Stock Restart

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%

Crypto Ecosystem Better Than TradFi?

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

<!–

–>