If you were convinced that cryptocurrency was just a fad, then you may want to reconsider in light of Sony’s (NYSE:SONY) latest advancement. The consumer electronics and video game titan is now poised to become a household name in cryptocurrency as well. The move was enough for investors to get in and send Sony shares up modestly in the closing minutes of Tuesday’s trading session.
A while back, Sony landed Amber Group, or rather, its Amber Japan subsidiary. Sony then started taking it apart and preparing it for relaunch as S.BLOX, a cryptocurrency exchange. Of course, it will handle Bitcoin (BTC-USD), but it will also handle other types of crypto. There’s no word on just which cryptos will qualify, but from the look of it, it’s going to be a pretty healthy mix.
The biggest reason why Sony made this move was because Japan is proving to be a pretty brisk market for crypto in general. This is due to a high degree of market regulation and surging consumer interest in the field. That combination means people know it’s there and are not afraid to work with it, thanks to the protections that are built into the operations.
Lawyer Bait Ahead
Sony’s lawyers, however, also have a little more on their plate thanks to the recently revealed M25, a knockoff version of the PlayStation Portal. For those not familiar, 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 emulators. What’s more, it sells for just $88, which will likely make it a tempting target for gamers everywhere and gaming collectors because Sony lawyers are likely to land on this one with both feet.
Is SONY a Buy or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SONY stock based on three Buys assigned in the past three months, as indicated by the graphic below. After a 5.49% loss in its share price over the past year, the average SONY price target of $112.93 per share implies 30.49% upside potential.
