[Bitcoin] Pausing at 35 Million KRW... JP Morgan Says "Over 100 Million KRW Possible"

Reaffirming the Status of Digital Gold Through Investor Notes

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[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading cryptocurrency that hit an all-time high the previous day, has entered a slight pause. However, some predict that it could rise further.

As of 4:22 PM on the 5th, according to the domestic cryptocurrency exchange Upbit, the price of Bitcoin is 35.34 million KRW, down 3.07% compared to 24 hours earlier. The sharp upward trend seen the previous day, when it reached an all-time high of 38.48 million KRW, appears to have eased somewhat.

Major cryptocurrencies such as Ethereum, Ada, and EOS are showing similar trends. Ethereum recorded 1.15 million KRW, down 3.11% from 24 hours ago. Ada and EOS also fell by 2.33% and 2.02%, respectively.

Nevertheless, optimism about Bitcoin continues. According to Bloomberg on the 5th (local time), JP Morgan, considered the largest investment bank in the United States, forecasted in an investor memo that Bitcoin’s price could rise to $146,000 (approximately 158.8 million KRW) in the long term. As gold has expanded into derivatives such as ETFs, gold bars, and gold coins, Bitcoin, known as "digital gold," is also expected to broaden its domain.

JP Morgan explained, "Demand for alternative currencies is shifting away from gold, which could significantly raise Bitcoin’s price in the long term. However, the volatility swap between Bitcoin and gold will not happen abruptly, and the price increase of Bitcoin this year is not sustainable."

This content was produced with the assistance of AI translation services.