The rise in GameStop stocks driven by traders indicates a positive backdrop for Bitcoin, SkyBridge Capital CEO Anthony Scaramucci said.
According to him, this reflects the key idea of the leading cryptocurrency: financial decentralization.
Traders, united in the r/WallStreetBets group on the Reddit platform, jointly opposed the big players who thought GameStop was about to collapse.
Many small players increased their purchases of GameStop stocks. As a result, GameStop's stock price has grown more than 18 times since the beginning of the year. Scaramucci has said:
"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."
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He noted smartphones and low-cost trading platforms have "democratized" the previously siloed and highly concentrated business of money management. Scaramucci added:
"It’s the age of the micro investor and you better take it seriously, otherwise you’ll get taken to the cleaners."