Flex on us harder, why don’t you.
As of today, Nexon owns $100 million in Bitcoin. The developer announced today its acquisition of 1,717 Bitcoin for approximately $100 million at an average price of $58,226. The investment constitutes less than 2% of Nexon’s cash on hand.
“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.”
Why Bitcoin? Investment. Also because banks continue to print tons of money only ensuring the dilution of fiat currency’s value over the next few years.
In addition, government spending and debt levels are very high, and even a slight rise in interest rates can put the already difficult debt repayment into a more difficult situation. As a result, central banks continue to issue banknotes in the form of buying government bonds in order to lend money to the government at low interest rates. From January 2020 to the present, the United States has increased its supply of banknotes by more than 40%. We don’t know what conversations are going on at central banks and the Treasury, but it’s unlikely that this situation will end in the near future.
Investing in Bitcoin is also much more easily transferrable than putting the same amount in, say, V-Bucks.
Source: Nexon press release.
MMO Fallout 