Early Uber Investor Criticizes GameStop’s Investment in Bitcoin: Companies Lacking Business Models Resort to Bitcoin Reserves

Angel Investor’s Mockery

Famous American angel investor Jason Calacanis recently mocked GameStop’s decision to invest in Bitcoin (BTC, current price $87,316), calling it a “lifeline” for a publicly traded company lacking a business model. However, several cryptocurrency experts believe this move could signal a new trend of companies incorporating Bitcoin into their balance sheets, demonstrating its long-term potential and strategic value.
Jason Calacanis wrote in a post on X on March 26:
“If you are a publicly traded company that can’t find a business model, just buy Bitcoin! If Strategy founder Michael Saylor really wants to buy $1 trillion in Bitcoin, that might be a good suggestion.”
This statement seems to imply that both Strategy and GameStop are publicly traded companies lacking a business model. Jason Calacanis is a well-known angel investor in the United States, having successfully identified the potential of startups such as Robinhood, Uber, and Trello in their early stages. However, the market has not fully endorsed Jason Calacanis’s viewpoint.

Diverse Strategic Choices for Adapting to Change

Tomas Fanta, head of cryptocurrency investment firm Heartcore, stated in an interview with foreign media Cointelegraph that holding Bitcoin has long-term advantages for companies, including price appreciation potential and low correlation with the stock market. He emphasized his disagreement with treating Bitcoin as a last resort for failing companies.
Fanta pointed out that while a single case is insufficient to define a trend, GameStop’s actions might herald a new phase of corporate funding diversification into cryptocurrencies: “We may be witnessing the first corporate reserve experiment outside of tech or cryptocurrency-related companies (like Coinbase).”
Meanwhile, Saul Rejwan, managing partner of early-stage cryptocurrency firm Masterkey, also believes that Bitcoin is transitioning from a fringe role to a legitimate option for companies responding to long-term currency fluctuations. He stated: “Bitcoin as a reserve asset is no longer a niche idea; for companies looking to integrate into a digitally native, inflation-resistant financial future, this is a legitimate move. GameStop’s actions are merely part of this trend.”
Saul Rejwan further analyzed that companies historically resistant to change, such as Nokia, often decline, while adopting Bitcoin can be seen as an adaptive strategy. If managed transparently and with proper risk management, Bitcoin can bring long-term resilience to companies, especially those with low time preferences and aligned with digital values.