Gaming provider Korean billionaire Kim Jung-Ju bets $100 million for bitcoin in Tokyo's biggest ever acquisition of cryptocurrencies
Nexon, a Tokyo-based corporation that purchased $100 million in bitcoin on Wednesday, has been one of an increasing number of publicly-owned corporations owning crypto-currency.
The video game provider, created by Korean billionaire Kim Jung-Ju, said they purchased 1.717 bitcoins, including charges and expenditures, at an estimated cost of $58.226 per coin.
As of December 2020, the deal constitutes 2 percent of Nexon's combined cash and cash equivalents, the firm said. Jung-net Ju's worth, according to Bloomberg, stands at around $11 billion.
His gaming business' bitcoin bet marks a Tokyo-listed business' biggest-ever acquisition in cryptocurrencies.
"Our acquisition of Bitcoin represents a disciplined approach for the conservation and buying power of shareholder equity," said Owen Mahoney, president and CEO of Nexon in a statement. "We conclude that Bitcoin promises long-term stability and liquidity in the present economic climate while preserving its potential for prospective investments."
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Mahoney expanded on Nexon's decision on a separate blog post, Wednesday to inject corporate cash into Bitcoin. He said that the cash reserves of the firm are earning virtually no returns in the current exceptionally low-interest rate setting.
"Even junk bonds - which are higher risks and were once regarded as 'high returns' - have become a 'rewardless risk' source," he says, adding that the firm regards bitcoin as a type of cash that might preserve its valuation.
"The US has printed 40 percent more US dollars than before since January 2020. We are not privy to discussions at central banks or treasury offices, but we do not expect an end to this in the near future."
Other factors Nexon is bubbling at bitcoin include its scarcity value, its network impact, liquidity and ease, and its omnipresent existence.
A number of companies have moved to use bitcoin in their balances, including Tesla, Square, and MicroStrategy. But Japanese companies with an early lead in accepting Bitcoin were comparatively slower to follow the same pattern.
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