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.
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