2021-04-28 - Nexon Co. Ltd. buys $100,000,000 in Bitcoin

[aoluain]

Yet another big player enters the Bitcoin Space by literally dipping its toe into the Bitcoin Ocean
with 2% of their cash reserves. It also shows they were not afraid to buy at $58226.

We are still at the early stages of Big Investors investing in Bitcoin.

NEXON Co., Ltd. (Nexon) (3659.TO), a global leader in Virtual Worlds, today announced the purchase of 1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 (¥6,446,183) per bitcoin, inclusive of fees and expenses. This purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand1.

Source - https://finance.yahoo.com/news/nexon-purchases-100-million-worth-010200289.html

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[Lucius]

This is just another confirmation that the price that Bitcoin has at the moment is not an obstacle for those who have money - and that such companies will buy even when the price is twice as high as the current one. Also, many wonders why all these big companies did not invest in Bitcoin much earlier, but it is more than obvious that they have only recently realized its potential.

After all, we all know that there are people who buy only expensive things, and the more Bitcoin is worth, the more it will attract the richest people in the world. I know many will say that BTC has become a toy for the rich, but everyone else has had at least a 10-year advantage of investing in something the rich didn’t believe in - and it’s rare that the average Joe can outsmart Uncle Sam

[aoluain]

also Lucius for many they need to see proof that in this case "Bitcoin" can do what
is expected by them. Michael Saylor is the one who has made it extremely simple
to understand and realise that Bitcoin has this potential to be the #1 hedge against inflation.
Even he couldnt see this prior to the financial stimuli against the pandemic.

The big companies realise this now.

[Theb]

There is a slight mistake in your headline @OP its not Nexon America (subsidiary) who bought the Bitcoin but the parent company itself which is Nexon Co. Limited. This is an important thing to correct since their places of business/operation is totally different where the one who bought the Bitcoin is outside of the US and is headquartered in Japan and South Korea. This is an important thing to point out since we are now seeing companies outside of the US still is buying their own pieces of Bitcoin.

[Streets 2.0]

If this is really just the beginning of the growth and entry of large capital into the cryptocurrency and bitcoin market, then we can safely predict $ 100 thousand per bitcoin by the end of the year, provided that there are no new shocks and some strong negative phenomena. All this instills optimism and belief that my investments at the beginning of the year were not in vain and I am doing the right thing in keeping and not selling anything.

[aoluain]

There is a slight mistake in your headline @OP its not Nexon America (subsidiary) who bought the Bitcoin but the parent company itself which is Nexon Co. Limited. This is an important thing to correct since their places of business/operation is totally different where the one who bought the Bitcoin is outside of the US and is headquartered in Japan and South Korea. This is an important thing to point out since we are now seeing companies outside of the US still is buying their own pieces of Bitcoin.

@Theb, thanks for that, corrected now.

If this is really just the beginning of the growth and entry of large capital into the cryptocurrency and bitcoin market, then we can safely predict $ 100 thousand per bitcoin by the end of the year, provided that there are no new shocks and some strong negative phenomena. All this instills optimism and belief that my investments at the beginning of the year were not in vain and I am doing the right thing in keeping and not selling anything.

Black Swan Events!

These super investors are not worried about Black Swan Events because Bitcoin
will react only temporarily and recover anyway.

[stomachgrowls]

Yet another big player enters the Bitcoin Space by literally dipping its toe into the Bitcoin Ocean
with 2% of their cash reserves. It also shows they were not afraid to buy at $58226.

2% on cash reserve might be small but its understandable that these are just for the sake of testing out waters but anything or any news that connects out with recognition will be always good.

So Nexon does have 5B in terms of cash reserves as mentioned that they had put up only 2%. What if they would be putting up even more in near future?

Just like on what Tesla had done recently and this would really be an eye opener for other companies which are still hesitating or still in hindrance on diving in with the bitcoin market.

They are still observing we know but sooner or later they would really loose off and join on the bandwagon.

[sunsilk]

That's another big purchase coming from a company.

If this is really just the beginning of the growth and entry of large capital into the cryptocurrency and bitcoin market, then we can safely predict $ 100 thousand per bitcoin by the end of the year, provided that there are no new shocks and some strong negative phenomena. All this instills optimism and belief that my investments at the beginning of the year were not in vain and I am doing the right thing in keeping and not selling anything.

Due to the market bringing in big companies and they're purchasing hundreds of millions worth of bitcoin, that will encourage other companies that bitcoin really is a no joke asset that they can rely on for their diversification.

That prediction is very likely, we're more than half of it.

[Streets 2.0]

This is great news that can once again support the market, I think this is what happened because it has been growing for the third day. After the Tesla sale, some thought that this was the beginning of a sale and now the correction will change to a fall. But this did not happen, including because of this large purchase, it seems to me. The more such news, the better for everyone.

[Dilerium90]

It seems to me, that large funds are not afraid to buy bitcoin at such levels, because they can always average out during a correction or a prolonged fall and can hold positions for a very long time. I would not have entered the 58,000 mark, even if it went higher.

[acquafredda]

Considering that bitcoin is an alternative to the current financial system based on debt and money printing brrr, maybe no value is too high to keep buying coins. Once acquired, so long as we keep the corresponding private keys, no one can access those funds apart from us.
That is the biggest bitcoin value proposition nowadays: you will see more of these companies in the future.

[Renampun]

It seems to me, that large funds are not afraid to buy bitcoin at such levels, because they can always average out during a correction or a prolonged fall and can hold positions for a very long time. I would not have entered the 58,000 mark, even if it went higher.

large companies that have large funds have good risk management...
they buy Bitcoin at the current high price is not without calculation and I sure, they trust that the Bitcoin price will continue to rise past $ 100k. Michael Saylor said that the current price of Bitcoin is still relatively cheap compared to the next 5 to 10 years.

[cr1776]

It seems to me, that large funds are not afraid to buy bitcoin at such levels, because they can always average out during a correction or a prolonged fall and can hold positions for a very long time. I would not have entered the 58,000 mark, even if it went higher.

large companies that have large funds have good risk management...
they buy Bitcoin at the current high price is not without calculation and I sure, they trust that the Bitcoin price will continue to rise past $ 100k. Michael Saylor said that the current price of Bitcoin is still relatively cheap compared to the next 5 to 10 years.

I think that Michael Saylor is correct.  Anyone with a time frame that is more than a year or 2 who has bought and held has done great.  Will it continue?  I don't know, no one does, but with usage, inflation fears, and uptake the odds certainly favor a substantially higher fiat price over the next 5 to 10 years.  Perhaps much sooner.  It is just a question of patience.  Taproot and the related items are important.

[willoweb]

The more large corporations and foundations buy bitcoin at this price level, the better for the market. This will undoubtedly support its decline, and will provide growth in the medium term. After all, such people will not risk big money without the prospect of multiplying it. So I think that with a favorable news background that we have recently seen, Bitcoin and other alternative cryptocurrencies will continue to grow. Today Bitcoin is growing by 5%, which is already a pretty good result for one day!

[Theb]

The more large corporations and foundations buy bitcoin at this price level, the better for the market. This will undoubtedly support its decline, and will provide growth in the medium term. After all, such people will not risk big money without the prospect of multiplying it. So I think that with a favorable news background that we have recently seen, Bitcoin and other alternative cryptocurrencies will continue to grow. Today Bitcoin is growing by 5%, which is already a pretty good result for one day!

Is it really that way? The way I see big companies buying Bitcoin is they act as a double-edged sword in the crypto market as I consider them as whales as well with the capital and large influence they have on the certain crypto they are holding. We all know how whales influence the market and how they can profit from it companies this big is something we won't really have any control when they decide to start selling triggering a FUD. I am grateful that big companies are buying their own Bitcoin as this can make other people join and buy as well but it has its disadvantages too.

[Streets 2.0]

When such a serious player buys at a price of 58.2 thousand dollars, I want to believe that he does not put some analytical data or forecasts into this decision from scratch. This means that this year we may very likely see X2 from this amount, that is, it can break through the level of 100k dollars per bitcoin or come close to it before the end of the year. Of course, this will still be strongly affected by the pandemic and closed borders, as well as restrictions within countries. Sitting at home, people are looking for new ways to make money - then blockchain comes to their aid.

[bbc.reporter]

Yet another big player enters the Bitcoin Space by literally dipping its toe into the Bitcoin Ocean
with 2% of their cash reserves. It also shows they were not afraid to buy at $58226.

2% on cash reserve might be small but its understandable that these are just for the sake of testing out waters but anything or any news that connects out with recognition will be always good.

So Nexon does have 5B in terms of cash reserves as mentioned that they had put up only 2%. What if they would be putting up even more in near future?

Just like on what Tesla had done recently and this would really be an eye opener for other companies which are still hesitating or still in hindrance on diving in with the bitcoin market.

They are still observing we know but sooner or later they would really loose off and join on the bandwagon.

2% from their cash reserve is the right amount considering bitcoin’s volatility and also consider that the price presently might be on a bubble waiting to burst. 2% is a safe investment.

Also, I remember there was an article that Nexon bought Bitstamp exchange.

[Streets 2.0]

I think it is very important that such serious investments do not fix losses now. And they would have kept their bitcoins until a new wave of growth. Because if they are disappointed and sell their volume, the market may not go down, but simply fly with acceleration. I really want to believe that this will not happen and these people have invested for a long time with the expectation of making a profit. Still, it is very interesting how the first half of the year will end for bitcoin, taking into account its abrupt start and such an unpleasant fall now.