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29th Apr 2021
Dalmas Ngetich, for CryptoAltum News Team

Nexon, a Video Gaming Giant in Japan, Buys $100 Million of Bitcoin

Nexon--a public company in Japan but with a presence in South Korea and across South East Asia, bought $100 million of Bitcoin, according to a press release on Apr 27. It is the first time in what could turn out to be a trend for public companies in Japan and across the world to buy a big chunk of Bitcoin from its cash reserves.


With threats of hyperinflation and economic stagnation due to the ravages of the coronavirus, central banks are easing and willing to retain a loose monetary environment for longer. Accordingly, Nexon joins Tesla, MicroStrategy, and Square in holding BTC as part of their investment and hedging strategy.

Impact on the BTC Price: 

Bullish. Analysts expect the BTC/USD price to remain firm, absorbing sell pressure before bolting higher in subsequent sessions. The entry of institutions has deepened its liquidity, subsequently boosting confidence and price.

More market news over on our Blog

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