Nexon Purchases $100 Million Worth of Bitcoin - page 2.

lovesmayfamilis

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Quote from: Dave1 on April 28, 2021, 11:21:42 AM

Quote from: hector3115 on April 28, 2021, 10:48:43 AM

And it was the right decision. Buying btc is always the right decision.

Elon and Tesla shows that it was the right decision, they've set precedence already.

And now more companies are seeing this, they need to fight inflation and one way to do it is through is putting their reserve assets into bitcoin. So it's really a beneficial for companies, and it can be set that it is a 'must'. So this is a good decision on their part, win-win situation for long term.

Today we see that Tesla is already fixing a profit of $101 million. Musk explains that 10 percent was sold to test the liquidity of bitcoin.
https://www.theblockcrypto.com/linked/102899/q1-earnings-show-tesla-sold-off-272m-of-its-btc-purchase

Similarly, the CEO of MicroStrategy was interested in liquidity. He plans to invest over a billion dollars
Therefore, one can only rejoice at what we are seeing today. Buying bitcoins at a fairly high price did not scare Nexon, and there is already news that Facebook is going to buy bitcoins.

https://en.cryptonomist.ch/2021/04/28/is-facebook-buying-bitcoin/

Thus, the popularity and acceptance of bitcoin are increasing every day, and we are witnessing the maturation of bitcoin as a world currency.

Alucard1

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This is really good news for the crypto community, Welcome Nexon to the world of crypto, it is really a good decision to invest in bitcoin, I am hoping that there would be another big company that will do the same thing as what has Nexon has done as well as the Tesla that bough $1.5b worth of bitcoin.

I am still looking forward for a big company who will invest in bitcoin as well, this would be a great start for mass adoption of bitcoin.

Lorence.xD

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Quote from: protocon on April 28, 2021, 08:40:43 PM

My guess is that big companies are dipping into crypto to escape from tax issues? I'm not sure about how it works in other countries but in my country, you don't pay tax YET when you buy crypto!

When they cash it out, I am sure that they are still going to get taxed for it. You can't just escape the tax bureau knowing that taxes is the lifeblood of the government and they will not be defeated easily in terms of tax evasion.

TastyChillySauce00

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Seems the bearish won't come this time around, these good news always fuel the market and increase positivity in the market as to keep people's fear at bay. Even the recent dip which so many speculators have considered as a sign of bearish didn't really bring down the market so far as the market itself slowly recovering.

Quote from: LogitechMouse on April 28, 2021, 10:00:36 PM

Microstrategy, Tesla, Paypal, GrayScale, Square, Visa, Nexon. Now who's next Cheesy

. I'm afraid though on how these big companies can manipulate the price of Bitcoin since they are holding a huge amounts of it :|

Influencing the market maybe yes but manipulating as if playing the market like a fiddle, I doubt so, with this huge market capital I doubt with their total investment they could do anything to control the market totally.

LogitechMouse

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Another huge company has joined the train too in Nexon Cheesy

.
The domino effect of this institutions coming into crypto might last for years Cheesy

. Some of these companies might even buy even more when the bear market starts and there is a chance that more companies will buy Bitcoin when the bear market starts.

Microstrategy, Tesla, Paypal, GrayScale, Square, Visa, Nexon. Now who's next Cheesy

. I'm afraid though on how these big companies can manipulate the price of Bitcoin since they are holding a huge amounts of it :|

bitzizzix

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Bitcoin is slowly but surely the best choice for them, bitcoin which was doubtful is a promising investment, both for well-known and institutional investors, large companies, and retail investors.
And currently some big companies and the latest news from Nexon have been involved with bitcoin and this is good news and it could be increasing bitcoin again in the near future and can convince everyone that bitcoin is the best choice to have.

mmhaimhai

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Quote from: protocon on April 28, 2021, 08:40:43 PM

My guess is that big companies are dipping into crypto to escape from tax issues? I'm not sure about how it works in other countries but in my country, you don't pay tax YET when you buy crypto!

I am not sure yet how they tax crypto in other country specially where these big companies are based. But I don't think such big and popular company can escape tax by investing crypto as they still need to report those asset in their Financial Statements and report the gain/loss in forex(crypto) which will affect their taxable income. I am a bookkeeper but I focus on providing service for Australian company and during that time I am working for an accounting firm based in sydney I worked for some clients (corporation and partnerships) who are engaged in trading and or investing in crypto and they have different tax treatment on them than the regular businesses so I will guess since crypto is now popular worldwide most country except those who ban it has also passed a bill for how crypto traders and investors will be tax.

btc_angela

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Quote from: protocon on April 28, 2021, 08:40:43 PM

My guess is that big companies are dipping into crypto to escape from tax issues? I'm not sure about how it works in other countries but in my country, you don't pay tax YET when you buy crypto!

Not really sure about the tax issues, as far as I know companies are still going to pay their tax, so there's no escaping if they invest on bitcoin.

The thing is that they are escaping inflation if parts of their reserves are going to be invested on bitcoin. It's a big gamble of them, but perhaps they have weight all the options an hedging it against bitcoin is the best decision that they can make today.

protocon

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My guess is that big companies are dipping into crypto to escape from tax issues? I'm not sure about how it works in other countries but in my country, you don't pay tax YET when you buy crypto!

Darker45

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And, moving on, we are still asking who's next. Cheesy

There is an ongoing domino effect. For sure, so many companies right now are already aware of the existence of something called Bitcoin, and that many other companies have already gotten themselves involved in it one way or another. There is definitely an ongoing research and analysis among other companies about the feasibility of converting some of their cash or assets into Bitcoin.

Bitcoinization is currently ongoing.

TravelMug

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Quote from: tippytoes on April 28, 2021, 06:40:44 PM

Quote from: Lanatsa on April 28, 2021, 06:35:18 PM

Quote from: Bilgent on April 28, 2021, 04:17:51 PM

I heard MicroStrategy bought Bitcoin at intervals the last. And after that I didn't see any news about different companies continuing to buy Bitcoin, until now. Nexon is the second biggest company in its country after Nintendo. And this is a really great deal of investment that's for sure. It's not even close to Tesla's though. Grin

Not close but any news of adoption and recognition is always a good thing and this would be an eye opener for those companies who are still observing until this very moment

on where they do still hesitate to pour up some funds because of volatility but until when they would decide to be like that? I cant blame them though because this is a matter of

investors money or company reserves which isn't something that you could just put into something which is volatile and in terms of security then you cant
really be having any guarantees.

For all we know, there may be other companies who are secretly buying bitcoin. And if they find good timing to disclose their bitcoin reserves, they will do so. But news like this, a company openly announcing their purchase of bitcoin is a good push to others to follow their path. Popular companies buying their bitcoins. Of course, some don't want to be left out. But others can't disclose for some maybe regulatory reasons or of that sort, even individuals who are buying large stash. Some of them want to keep it to themselves.

I think big and registered companies are required by law to disclosed everything in their financial books. So I'm sure sooner or later they will have to go public and tell that they investment their reserved assets into bitcoin.

But I agree that there could be other huge companies deliberately not disclosing anything until the right moment (scheduled disclosure to the government). So we might hear another one in the coming days or months. It could be from US or Asia (Japan and South Korea) or in EU itself.

tippytoes

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Quote from: Lanatsa on April 28, 2021, 06:35:18 PM

Quote from: Bilgent on April 28, 2021, 04:17:51 PM

I heard MicroStrategy bought Bitcoin at intervals the last. And after that I didn't see any news about different companies continuing to buy Bitcoin, until now. Nexon is the second biggest company in its country after Nintendo. And this is a really great deal of investment that's for sure. It's not even close to Tesla's though. Grin

Not close but any news of adoption and recognition is always a good thing and this would be an eye opener for those companies who are still observing until this very moment

on where they do still hesitate to pour up some funds because of volatility but until when they would decide to be like that? I cant blame them though because this is a matter of

investors money or company reserves which isn't something that you could just put into something which is volatile and in terms of security then you cant
really be having any guarantees.

For all we know, there may be other companies who are secretly buying bitcoin. And if they find good timing to disclose their bitcoin reserves, they will do so. But news like this, a company openly announcing their purchase of bitcoin is a good push to others to follow their path. Popular companies buying their bitcoins. Of course, some don't want to be left out. But others can't disclose for some maybe regulatory reasons or of that sort, even individuals who are buying large stash. Some of them want to keep it to themselves.

Lanatsa

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Quote from: Bilgent on April 28, 2021, 04:17:51 PM

I heard MicroStrategy bought Bitcoin at intervals the last. And after that I didn't see any news about different companies continuing to buy Bitcoin, until now. Nexon is the second biggest company in its country after Nintendo. And this is a really great deal of investment that's for sure. It's not even close to Tesla's though. Grin

Not close but any news of adoption and recognition is always a good thing and this would be an eye opener for those companies who are still observing until this very moment

on where they do still hesitate to pour up some funds because of volatility but until when they would decide to be like that? I cant blame them though because this is a matter of

investors money or company reserves which isn't something that you could just put into something which is volatile and in terms of security then you cant
really be having any guarantees.

finaleshot2016

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If people, especially those who are familiar with the business, hear about the next Tesla, another bitcoin pump will occur.

Probably, they'll only benefit if bitcoin rises a little, but it's a good thing more people, such as institutional investors, will come to bitcoin, and more confidence will be created.

If you knew that the rise of bitcoin was due to them and you were still in a position to profit, you might choose to profit regardless of the possibility that they could take profit soon.
Follow their social media accounts; they're the market's whales, and their actions have a major impact on price increases.

Baofeng

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This is a Japanese company, and we all know that Japanese is the first country that adopted bitcoin as legal entity. I'm not surprised by the news, they should have invested early, Grin

.

Anyhow, as Tesla has open the Pandora's box, we might see another big company joining the picture later. And I think they needed bitcoin more than bitcoin needed them because of the current financial problems we have right now, so it's a good idea.

yhiaali3

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Maybe Nexon Online game provider isn't just next, there's another company that might be Walmart, there's news about Walmart's intention to buy bitcoin as well.
This is really good news, and it is certain that we will witness new peaks for bitcoin, especially that Nexon bought bitcoin at a price of $ 58,226 per bitcoin, in addition to the good statements of the CEO that show that the company does not intend to speculate, but rather that it believes in Bitcoin as a store of value and preserving its money in the long run.

ShowOff

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The Nexon investment strategy in bitcoin is a form of growing institutional investor confidence in this asset. I hope there are many other large companies that will step in and invest in bitcoin both in adopting it and as a store of value. If Nexon buys bitcoin for $58.2K, they are currently losing a fraction of the value of their investment, but this news is sure to have a lot of support from other investor. Bitcoin is expected to reach its highest price in May, at least I think that ATH will only be reached thanks to the support of institutional investors recently.

Bilgent

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I heard MicroStrategy bought Bitcoin at intervals the last. And after that I didn't see any news about different companies continuing to buy Bitcoin, until now. Nexon is the second biggest company in its country after Nintendo. And this is a really great deal of investment that's for sure. It's not even close to Tesla's though. Grin

KryptoKings

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Quote from: cryptomaniac_xxx on April 28, 2021, 04:32:26 AM

Online game provider Nexon has announce that they've purchase 1,717 bitcoins for approximately $100 million.

Quote

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

https://www.gamespress.com/zh/Nexon-Purchases-100-Million-Worth-of-Bitcoin

So now we have another big company dipping their hands on bitcoin in their balance sheet.

We are asking who's next and I think we got the answer.

Here is the company profile: https://company.nexon.co.jp/en/

Soon all btc will go into the pockets of these big companies and individuals like us will have only dust.
Do not sell your btc even if you have just 0.01
Next more companies will buy and hold btc and this going to be viral.

Gamerholic

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This is cool news that undoubtedly supports the market from falling and favorably influences its further growth. The only thing that makes me think a little is that if a significant part of the bitcoin market is in the hands of several large players, wouldn't it be tempting to come to an agreement? Possessing such reserves of bitcoins and at some point they can consistently influence its rate both upward and vice versa. It's always dangerous in my opinion.

Topic: Nexon Purchases $100 Million Worth of Bitcoin - page 2. (Read 512 times)