[Bitcoin Now] Surging Institutional Investments Push Price Beyond 63 Million Won

Institutional Investors Accelerate Entry... Bitcoin ETF Listing on US Stock Market Expected to Rise
Cashwood: "Bitcoin Will Become an Investment Asset Similar to Bonds"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin briefly surpassed 63 million KRW. This appears to be due to institutional investors flocking in, with major financial companies investing $200 million (approximately 227.42 billion KRW) into cryptocurrency-specialized investment firms.

According to the domestic cryptocurrency exchange Upbit, as of 10:19 AM on the 10th, Bitcoin recorded 63.9 million KRW, up about 1.5% compared to the previous day. Surpassing 63 million KRW happened for the first time since the 22nd of last month. However, from 11:03 AM on the same day, it fell back to the 61 million KRW range, showing a pause.

The news that institutional investors continue to invest in Bitcoin is interpreted as a positive factor. According to U.S. economic media Bloomberg on the 8th (local time), the cryptocurrency-specialized investment firm New York Digital Investment Group (NYDIG) announced that it had attracted $200 million in capital from well-known financial companies such as Morgan Stanley, New York Life, Stone Ridge, MassMutual, and Soros Fund Management. NYDIG stated, "Insurance companies have already invested about $1 billion directly and indirectly through NYDIG," and explained, "More and more institutional investors are increasingly considering Bitcoin as an investment target."

Following Canada, financial companies seem to have invested in NYDIG amid expectations that a Bitcoin exchange-traded fund (ETF) will be listed on the U.S. stock market. NYDIG submitted an application to the U.S. Securities and Exchange Commission (SEC) for the listing of a Bitcoin ETF on the 16th of last month. There have been several attempts to list Bitcoin ETFs on the U.S. stock market so far, but all have failed. However, recently, expectations for listing have been rising again. The listing of a Bitcoin ETF on the Toronto Stock Exchange (TSX) in Canada on the 18th of last month sparked these hopes. James Seyffart, a researcher at Bloomberg Intelligence, a research institution under Bloomberg, said, "Since the regulatory systems of the U.S. and Canada are similar, the possibility of launching a Bitcoin ETF on the U.S. stock market has also increased."

Meanwhile, Cathie Wood, CEO of ARK Investment, argued that Bitcoin is suitable as an investment target. According to U.S. economic media CNBC on the 8th, Wood said, "Cryptocurrency will eventually become an asset similar to bonds," and "As it becomes increasingly stable, it can be treated as an investment asset." Earlier, on the 8th of last month, when Tesla disclosed that it had purchased about $1.5 billion worth of Bitcoin, Wood tweeted, "Using Bitcoin as a hedge against loss risk is wise."

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