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Nexon Invests $100 Million In Bitcoin, Joins Other Companies In The Bitcoin Race

Japanese gaming giant, Nexon has announced the purchase of 1,717 BTC  worth an estimated $100 million at an average price of $58,226. Purchase Is To Protect Shareholder Value According to an announcement published on the 28th of April, Nexon bought a total of 1,717 Bitcoins. Each coin was gotten at an average price of $58,226, […]

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Japanese gaming giant, Nexon has announced the purchase of 1,717 BTC  worth an estimated $100 million at an average price of $58,226.

Purchase Is To Protect Shareholder Value

According to an announcement published on the 28th of April, Nexon bought a total of 1,717 Bitcoins. Each coin was gotten at an average price of $58,226, fees and expenses inclusive. The company stated that the Bitcoin investment represents less than 2% of its total cash and cash equivalents on hand.

The company has said that the move to purchase the king cryptocurrency is in a bid to protect shareholder value while also hedging against inflation.

Nexon president and CEO Owen Mahoney said:

“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

He added that as it stands, it appears that Bitcoin is likely to retain its value even though it’s not yet mainstream. He said is a “form of cash likely to retain its value, even if it is not yet widely recognized.”

It’s important to note that Nexon reported revenue of nearly 66.4 billion yen in the fourth quarter of 2020 and the firm has made it clear that its latest bitcoin purchase is a strategic and forward-thinking investment that represents less than two percent of its total cash and cash equivalents on hand.

Earlier this year, rumors had it that Nexon was planning to add Bithumb crypto exchange to its acquisitions. However, the company denied it and said there are no such plans for Bithumb.

Related article | PayPal, Square, Others Crucial In Driving Bitcoin 70% Higher in a Month

Bitcoin Exposure Keeps Increasing Among Big Companies

The influx of institutional investors into the cryptocurrency ecosystem has effectively given bitcoin and altcoins a better reputation, despite the regulatory uncertainties that still abound in some jurisdictions.

While the bitcoin adventure of highly reputed firms like MicroStrategy, Tesla, Square, and a host of others is already yielding decent profits, financial institutions like HSBC remain wary of cryptos.

BTC/USD pair scales over $54,000. Source: BTC/USD on Tradingview.com

Last year, MicroStrategy began acquiring Bitcoin and had added more since then. In August, the company started by buying 21,000 BTC, worth $250 million, at the time. MicroStrategy has been buying more BTC and now has more than 90,000 coins.

Fintech company Square Inc. bought $50 million worth of Bitcoin. Square’s Bitcoin purchase came about two months after MicroStrategy’s initial BTC purchase. Square’s acquisition was worth 4,709 BTCs. Also, users of Square’s CashApp can invest in Bitcoin on the platform.

Earlier this year, Tesla invested $1.5 billion in Bitcoin. Tesla revealed its debut into the crypto space in a filing with the US Securities and Exchange Commission (SEC).

Finance experts have predicted that hundreds of publicly-listed firms may invest in cryptos in the next 12-18 months. This move could easily double the industry’s over $2 trillion market cap.

Related article | Apple, Microsoft, Microstrategy Latest Stock Tokens to Be Listed on Binance

Featured image from Pixabay, Charts from Tradingview.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/nexon-invests-100-million-in-bitcoin-joins-other-companies-in-the-bitcoin-race/?utm_source=rss&utm_medium=rss&utm_campaign=nexon-invests-100-million-in-bitcoin-joins-other-companies-in-the-bitcoin-race

Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Financial journalist Edward Chancellor predicted that launching central bank digital currencies can be catastrophic for Bitcoin.

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Financial journalist Edward Chancellor predicted that launching central bank digital currencies can be catastrophic for Bitcoin.

Avatar

Published

on

Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


ADVERTISEMENT

In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

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In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


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The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

SPECIAL OFFER (Sponsored)

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PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

Avatar

Published

on

In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


ADVERTISEMENT

The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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