$100 Million Spent By Nexon on Bitcoin (BTC)

Venezuela to Pay Foreign Companies in Bitcoin (BTC)

As the Bitcoin (BTC) market continues to grow every passing moment, more mainstream institutions are rallying to the industry. Every institution is trying to avail of the growing cryptocurrency market and its valuation.

Out of all the digital assets, the most reliable and highly valued digital asset is Bitcoin (BTC). The Bitcoin (BTC) has gained so much adoption and value in the past six months that no cryptocurrency is able to match it.

Since October of 2020, mainstream institutions are rallying Bitcoin (BTC), making huge investments in digital assets. This has resulted in Bitcoin (BTC) gaining an-all time high in terms of price and market capitalization.

Initially, the major concerns that mainstream institutions had against Bitcoin (BTC) were many. Some of the major ones include its decentralized nature, no physical existence, no regulatory adherence, and high volatility.

The entire mainstream sector criticized the high volatility of Bitcoin (BTC), claiming its price fluctuated tremendously. Frankly, it is a fact no one can deny but over the course of time, Bitcoin (BTC) has matured at a large scale.

It has gone from becoming a highly volatile cryptocurrency to a very volatile and reliable source of investments. Many mainstream institutions are now investing their capitals into Bitcoin (BTC) in the form of long-term investments.

On the other hand, Bitcoin (BTC) also has short-term investors in the form of individuals and small businesses. These entities are also responsible for surging the price of Bitcoin (BTC) and bringing it to a point where it competes with “Gold”.

Now, every mainstream institution and giant company from any sector wants a piece of Bitcoin (BTC). They are also eager to invest in Bitcoin (BTC) and have some of their company cash reserves converted to digital assets.

Just recently, it was Nexon, which announced it has made a large investment in Bitcoin (BTC). The firm revealed it has invested $100 million and acquired around 1,717 BTC in the process. Nexon has also revealed the reason why it has invested its money in Bitcoin (BTC).

The firm stated that it is now becoming clearer with every passing day that the global interest is now shifting from cash to digital currency.

Nexon has also considered the above and has concluded it would start investing in cryptocurrencies. The firm revealed its plans to convert its cash reserves to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

The major reason is the devaluation of cash money as compared to digital currencies. It is just a matter of time before every single farmer in the world starts dealing in cryptocurrencies or digital assets.

People have now started realizing the importance of digital assets and have started shifting towards the platforms. Therefore, Nexon is also doing the same and is confident that the digital assets will not be losing worth any time soon.