[Bitcoin Now] Surpasses 71 Million Won, Hits New High... Spotlighted as an Alternative Asset

Ahead of US Stimulus Implementation, Bitcoin 'Hedge' Increases Amid Inflation Concerns

On the 14th, when Bitcoin surpassed 70 million won to reach a new all-time high, the prices of cryptocurrencies including Bitcoin were displayed on the market status board at Bithumb Gangnam Customer Center in Gangnam-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin surpassed 71 million KRW, setting a new all-time high. This appears to be due to its emergence as an alternative investment amid growing inflation concerns.

According to the domestic cryptocurrency exchange Upbit, as of 9:29 AM on the 14th, Bitcoin recorded a new high of 71.45 million KRW, up about 1.2% from the previous day. It then slightly retreated, showing around 69 million KRW as of 1:50 PM on the 15th.

Amid this upward trend, the trading volume in the cryptocurrency market even exceeded that of the domestic stock market. As of 3 AM the previous day, the 24-hour trading volume of the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, and Korbit) was approximately 16.6947 trillion KRW. This surpasses the KOSPI market trading volume of about 13.113 trillion KRW on the 12th, the previous trading day.

The rise is attributed to Bitcoin's emergence as an alternative investment amid growing inflation fears. On the 11th (local time), US economic media CNBC analyzed that the inflation fears caused by stimulus measures are behind Bitcoin's sharp rise. US President Joe Biden signed a stimulus package worth 1.9 trillion USD (about 2160 trillion KRW), increasing the money supply and heightening inflation concerns. Since currency value may decline, there has been a growing movement to invest in Bitcoin to avoid inflation losses. According to Yahoo Finance on the 7th, George Ball, chairman of US asset management firm Sanders Morris Harris, said, "Bitcoin is now an attractive investment asset in an inflationary environment." Michael Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, also claimed on the 4th that "Bitcoin will act as a safe asset like gold amid a weak dollar."

Meanwhile, there are also forecasts that Bitcoin will rise further. On the 13th, cryptocurrency-focused foreign media Cointelegraph stated, "Bitcoin has started to attract greater attention as it records an all-time high," and analyzed that "the upward trend will continue." Cryptocurrency investment expert Josh Rager tweeted, "Bitcoin's next target price is 75,000 USD."

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