"We view them as a force multiplier for our economic might," Vance told the audience at The Venetian Resort.

GameStop announced the purchase of 4,710 bitcoin tokens on Wednesday. At current prices, that amount is worth about $513 million.

GameStop stock dropped as a result of the news.

John Woeltz made headlines on Friday following his arrest in New York City for allegedly kidnapping and torturing a man in a bid to get access to his Bitcoin password. Prior to that, the 37-year-old Woeltz once held a very different reputation as a rising star in the crypto world.

William Duplessie, 32, faces charges of kidnapping, assault, unlawful imprisonment and criminal possession of a weapon, according to police.