First public Japanese company to buy 1,717 bitcoins for $ 100 million!

Earlier this year, Coinpayments data showed a new trend emerging in the global marketplace as individuals and corporations began to hedge their positions against the growing threat of inflation.

After Tesla announced that it had bought more than $ 1 billion worth of bitcoin in March, the trend for this kind of hedging has gained tremendous momentum.

The company’s bet on the electric vehicle seems to be paying off after CEO Elon Musk announced on Twitter last week that he had sold 10%. He reportedly made over $ 100 million in profit.

However, what intrigued me the most was the reason for the sale. Musk said Tesla sold 10% of its assets, in essence, to prove bitcoin liquidity as an alternative to keeping cash.

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Other companies are also paying attention to this. April 27 Nexon Co. announced that it had bought 1,717 bitcoins – that’s about $ 100 million. The Japanese gaming company announced that its investments in cryptocurrency account for less than 2% of the total cash position.

The company has made it very clear why it jumped into the cryptocurrency market.

Nexon President and CEO Owen Mahoney explained that buying bitcoins reflects a disciplined strategy to protect shareholder value and support the purchasing power of their monetary assets. Accordingly, he believes that in the long term, Bitcoin is stable in terms of the safety of their funds for future investments.

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Nexon is the first publicly traded Japanese company to make such a major leap in the crypto economy. However, CoinPayments data shows that this is unlikely to be the only step. Japanese consumers seem to have fully embraced the crypto economy.

According to CoinPayments, the total transaction volume in the Japanese market was estimated at over $ 1.5 billion in the first three months of 2021. In comparison, in the North American market, the total transaction volume in the first quarter of 2020 was $ 358 million.

The Japanese cryptocurrency market has grown by 181% since the first quarter of 2020. The North American market has grown 142% over the past year.

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The trend is becoming more evident every day. More and more companies are looking at cryptocurrencies as important tools in the global economy. Digital currencies have proven time and time again that they are important forms of payment.

Given the rise in global debt, it seems that individuals and companies are looking for ways to preserve wealth by insuring against inflation. This is why the same trend can be seen in safe-haven markets like gold. Cryptocurrencies do not necessarily replace gold as a safe haven or hedge against inflation, but they retain their reputation as a global medium of exchange.

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