VanEck Advisor Expresses Dismay in GameStop’s Rally, Deems Bitcoin Better than TradFi

Gabor Gurbacs, an advisor at VanEck, recently took to social media platform X to criticize the Traditional Finance (TradFi) system. His criticism hinges on the recent wave made by GameStop meme stock’s rally. 

Gurbacs hailed the Bitcoin ecosystem as superior in his post, sparking significant debate within the global crypto community. This commentary comes amid intense scrutiny of digital assets by the SEC while meme stocks like GameStop continue to trend.

The Bitcoin and TradFi Debate

Gurbacs specifically pointed to the resurgence of GameStop stock, which surged over 40%. This rise followed an announcement by Keith Gill, also known as “The Roaring Kitty,” who revealed plans for a live stream on YouTube.

In stark contrast, Berkshire Hathaway (NYSE: BRK.B) saw its stock plummet by 99% during the same week. Gurbacs argued that such a stark divergence invalidates any criticisms that regulators might have against Bitcoin.

He expressed frustration with the SEC’s rigorous regulation of digital assets, stating that the TradFi system is far worse than Bitcoin-based exchanges and ecosystems.

Gurbacs’ comments have resonated within the crypto community, which has long expressed displeasure about the TradFi system and its regulatory structures. 

Meanwhile, data from Nasdaq revealed a notable 47.45% rise in GameStop stock price, which now trades at $46.55. 

The frenzy around this meme-based investment was further fueled by Roaring Kitty, who has significantly increased his stock and options positions by an additional $586 million. This move has been a major driver behind the recent surge in GME’s stock price.

Notably, GameStop’s meteoric rise and Berkshire Hathaway’s dramatic fall are just another example of the financial market’s unstable state. They further contribute to the debate over the efficacy of TradFi versus decentralized finance systems like Bitcoin.

Market Movements and Reactions

Meanwhile, GameStop’s stock is not the only beneficiary of Roaring Kitty’s option position and stock increments. A Solana-based crypto asset, GME, inspired by GameStop, also recorded notable growth.

This meme coin saw an even more dramatic increase, skyrocketing over 150% in value within the same period. Over the past seven days, GME has soared more than 419%, with a 57% 24-hour price increase. 

Both the Gamestop stock and meme coin are known for high volatility. But in this case, the crypto version has outperformed the stock by a significant margin.

However, amid the GME meme coin’s dramatic surge, the overall crypto market indicates a mildly bearish outlook, marked by high volatility. According to Farside Investors, spot Bitcoin ETFs saw substantial investor interest, with $217.7 million in net inflows on June 6.

This renewed interest helped Bitcoin climb back up, peaking at $71,907, a minor increase over the past day. Meanwhile, over the last 24 hours, Bitcoin’s price mostly fluctuated between a low of $70,119 and a high of $71,816.