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Breaking 20,000 yen in less than a month 70% ↑
Outlook “Go up to 400,000 yen”
Dr. Doom “Eventually the bubble will go out”
The price of bitcoin, the leader of the cryptocurrencies, is close to the record high of $ 35,000 each (approximately 3808 million won). It also reached 40 million won in the Korean market.
According to Coinbase, the largest virtual currency exchange in the US On the 3rd, the price of bitcoin reached $ 34,810 (approximately 37.8 million won) at 4:49 pm (local time) on the same day. After surpassing $ 30,000 the day before, it was up more than 15% in one day. The price of Bitcoin, called ‘digital gold’, rose more than four times in the last year alone. It jumped nearly 75% in less than a month after surpassing $ 20,000 on December 6 of last year. On the Korean exchange, Upbit, it was traded at 39,453,000 won at 4:48 pm.
As a result of observations that Bitcoin’s strength emerges as a ‘speculative frenzy’, it will be recognized as a real currency and asset. Michael Sailor, CEO of MicroStrategy, commented: “Institutional investors who view bitcoin positively as a hedge against inflation have increased significantly.” Scott Minard, Chief Investment Officer at Guggenheim Investments (CIO), told Bloomberg News: “The US central bank (Fed) is releasing a large amount of money in a situation where there is a clear limit to supply of bitcoins “. I will, ”he predicted.
Institutional investors also started buying bitcoins in bulk. Massmutual, a large insurance company, bought $ 100 million worth of Bitcoin. Investment firm Grayscale Investments bought more than 70,000 bitcoins last month alone. Financial information company S&P Dow Jones plans to introduce a virtual currency index later this year.
New York asset management company VanAc Associates announced on the 31st of last month that it will re-implement the establishment of the listed Bitcoin Index Fund. The company submitted a document to the US Securities and Exchange Commission (SEC) requesting approval of a new Bitcoin ETF product. With the approval of the SEC, the first Bitcoin ETF will be born. However, New York University professor Nouriel Rubini, known as’ Dr. Doom ‘, warned on day 3 that “Bitcoin is not a currency and it is not a stable medium to store value.”
New York = Correspondent Jaegil Cho / Reporter Jongseo Park [email protected]
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