[Bitcoin Now] Despite Musk's Words... Falls to 64 Million Won Range

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Elon Musk, CEO of Tesla, announced that Tesla products can be purchased with the representative cryptocurrency Bitcoin, but its price has fallen to the 64 million KRW range.

According to the domestic cryptocurrency exchange Upbit, at 10:16 a.m. on the 25th, Bitcoin recorded 64.46 million KRW, down 0.42% from the previous day. It raised expectations for a rise after reaching the 70 million KRW range on the 18th, but has not escaped the mid-60 million KRW range for four consecutive days after falling.

Although CEO Musk mentioned Bitcoin again, it does not seem to lead to an upward trend as before. On the 24th (local time), CEO Musk said on Twitter, "You can buy Tesla products with Bitcoin." It has been about six weeks since Tesla announced on the 8th of last month that it would prepare a way to pay with Bitcoin. Accordingly, Bitcoin rose about 5% that day, reaching the 68 million KRW range, but fell back to the mid-60 million KRW range after about seven hours.

Previously, CEO Musk's influence in the cryptocurrency market was strong. On the 18th of last month, when CEO Musk said, "Bitcoin is no different from fiat currency," Bitcoin surpassed the 60 million KRW range for the first time. Also, when Tesla announced on the 8th of last month that it had purchased about 1.5 billion USD (about 1.7 trillion KRW) worth of Bitcoin, Bitcoin rose 17.05% that day.

Meanwhile, an analysis has emerged that Bitcoin's sideways movement will continue. On the 22nd, cryptocurrency specialized foreign media Coindesk claimed, "Since Bitcoin's price volatility has decreased, it is expected to move sideways at the current price level for a while." According to cryptocurrency data company Skew, as of the 22nd, the annual Bitcoin price volatility was 75%. It was 145% in January, but it has decreased by about half.

On the other hand, Ray Dalio, CEO of Bridgewater Associates, the world's largest hedge fund, claimed that the U.S. government will declare Bitcoin illegal. According to U.S. economic media Yahoo Finance on the 24th, CEO Dalio said, "Since the state tries to monopolize the demand and supply of currency, Bitcoin will be outlawed just as the U.S. government banned gold holdings in 1934." He also added, "I have doubts about whether Bitcoin can be protected from government surveillance."

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