[Bitcoin Now] Elon Musk Says It's Expensive Now?… US Authorities Hint at Renewed Regulation

Elon Musk, "Bitcoin and Ethereum Prices Look High"
Janet Yellen, US Treasury Secretary, "Need to Regulate Exchanges"

Source=Screenshot from Elon Musk Tesla CEO's official Twitter account

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the leading virtual currency (cryptocurrency) that surpassed 65 million KRW over the weekend, has dropped to the 63 million KRW range. Meanwhile, Elon Musk, CEO of Tesla, who had been driving Bitcoin's rise, commented that the price is high, while U.S. economic authorities hinted at possible regulations.

According to the domestic cryptocurrency exchange Upbit, as of 2 p.m. on the 22nd, Bitcoin recorded 63.8 million KRW, down about 2.5% compared to the previous day. After rising to 65.985 million KRW at 9:45 p.m. on the 20th, the price has somewhat stalled.

Elon Musk, who had led a sharp price surge with supportive remarks on Bitcoin, appears to have caused negative sentiment by stating that the price is high. On the 20th (local time), according to U.S. economic media Bloomberg, Musk said on Twitter, "Bitcoin and Ethereum look a bit high." This comment came in response to Peter Schiff, CEO of Euro Pacific Capital and a prominent gold advocate, who said, "Gold is superior to cash and Bitcoin." Schiff also suggested continuing the discussion on the voice-based social networking service Clubhouse, but Musk did not respond.

This contrasts with Musk's previous statements. On the 19th (local time), Musk tweeted, "Holding Bitcoin is less dumb than holding cash." On the 1st (local time), he appeared on Clubhouse and introduced himself as a Bitcoin supporter.

Reactions to this statement are mixed. Major foreign media viewed Musk's remarks as a critique of the soaring cryptocurrency prices. On the 20th (local time), U.S. economic magazine Forbes analyzed Musk's comments as a warning about high prices. U.S. economic media Business Insider reported that Musk acknowledged Bitcoin's price had risen higher than he expected. On the other hand, Changpeng Zhao, CEO of Binance, the world's largest cryptocurrency exchange, argued on Twitter on the 20th (local time) that Bitcoin's price could rise further. He pointed out, "Musk said Tesla's stock price was high even before Tesla's stock surged in May last year."

Meanwhile, U.S. economic authorities again hinted at possible regulations. On the 18th (local time), Janet Yellen, U.S. Treasury Secretary, said in an interview with U.S. economic media CNBC, "Bitcoin is highly speculative and has shown severe volatility in recent years, so investor protection measures are necessary," adding, "It is important to regulate Bitcoin trading institutions and ensure they comply with regulatory responsibilities." She also stated at the Senate confirmation hearing on the 19th of last month (local time), "I believe cryptocurrencies are used for illicit finance."

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