If you haven’t heard about Tencent and you are an avid reader of our cryptocurrency news section, you are not the only one. However, things are definitely going to change from now on – and you should know that Tencent is a company that might soon become the proud owner of two major Bitcoin exchanges.
In fact, the $400 billion worth Chinese tech conglomerate is weighing a bid for the South Korean holding company that controls these exchanges. As Reuters reported, Tencent is actively pursuing the co-investors to purchase the South Korea-based NXC Corp. which is also the company behind the gaming firm Nexon. The stake at 98.64% which the founder wants to sell is worth approximately $7 to $9 billion.
Even though the company is primarily known for gaming, NXC owns multiple cryptocurrency exchanges including a majority stake in Korbit (second largest exchange in South Korea) as well as a 80% stake in Bitstamp which is the oldest Bitcoin exchange and a top-50 exchange with a monthly volume that is more than $1.8 billion.
If the plan works out for Tencent, it will definitely become one of the crypto pioneers and its share price could achieve an all-time high. Nonetheless, any NXC purchase would give Tencent a foothold in the crypto industry, providing it with the ability to quickly expand its reach if it ever had the inclination.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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