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Sony (NYSE:SONY) Readies Cryptocurrency Swap, Stock Rally
If you were convinced that cryptocurrency was just a passing fad, then you may want to reconsider your decision in light of Sony (New York Stock Exchange:SONY) latest advance. The consumer electronics and gaming giant is now poised to become a household name in the cryptocurrency space as well. The move was enough to draw investors in and send Sony shares modestly higher in the final minutes of Tuesday’s trading session.
Some time ago, Sony acquired Amber Group, or rather, its subsidiary Amber Japan. Sony then began to dismantle it and prepare it for relaunch as S.BLOX, a cryptocurrency exchange. Of course, it will handle Bitcoin (BTC-USD exchange rate), but will also handle other types of cryptocurrencies. It is not yet known which cryptocurrencies will be allowed, but judging by the looks of it, it will be a pretty healthy mix.
The main reason Sony made this move is because Japan is proving to be a pretty vibrant market for cryptocurrencies in general. This is due to a high level of regulation in the market and growing consumer interest in the space. This combination means that people know it’s there and aren’t afraid to work with it, thanks to the protections built into the operations.
Lawyer, come forward
Sony’s lawyers, however, have a little more to do with the recently unveiled M25, a knockoff version of the PlayStation Portal. For those unaware, the PlayStation Portal is a portable, handheld gaming device that serves as an accessory for the PlayStation 5. But the M25 takes that ball and runs with it.
The M25 offers over 3,000 games that can be played anywhere. It can run Linux and EmuELEC and supports 25 different emulatorsPlus, it retails for just $88, which will likely make it a tempting target for gamers and video game collectors everywhere, because Sony’s lawyers are likely to come after it.
Is SONY a buy or sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating for SONY stock based on three Buys assigned in the last three months, as shown in the chart below. After a 5.49% loss of its share price over the last year, the average price SONY lens of $112.93 per share implies an upside potential of 30.49%.