[Bitcoin Now] Rebounds to 74 Million Won Range... "Uptrend Continues" vs "Potential Exploitation by China and North Korea"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin rebounded to the 74 million KRW range. While there are forecasts that Bitcoin will continue to rise, concerns have also been raised about the possibility of misuse by China and North Korea.

According to the domestic cryptocurrency exchange Upbit, as of 1:52 PM on the 9th, Bitcoin was recorded at 74.58 million KRW, down 0.97% compared to the previous day. It had fallen to the 70 million KRW range the day before but then rebounded.

Tom Jessop, CEO of the major U.S. asset management firm Fidelity, claimed that Bitcoin will maintain its upward trend. On the 8th (local time), in an interview with the U.S. economic media MarketWatch, Jessop said, “Cryptocurrencies have passed a critical point toward traditional finance, such as institutional adoption of Bitcoin, and are now at an inflection point,” adding, “As long as monetary easing policies continue, Bitcoin will be presented as an alternative investment method, and the upward trend will continue.”

There is also speculation that the U.S. government will not easily regulate the cryptocurrency market. On the 7th, Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), stated at a MarketWatch-hosted panel, “The U.S. started dealing with cryptocurrencies later than other countries, and the time when the U.S. government could ban cryptocurrencies has already passed,” arguing, “Attempts to block the cryptocurrency market are foolish.”

However, voices calling for regulation considering China’s Bitcoin buying spree have also emerged. According to the U.S. economic media CNBC on the 7th, Peter Thiel, chairman of Palantir Technologies, said at a meeting hosted by the Richard Nixon Foundation, “Bitcoin can be used by China as a financial weapon against the U.S.,” and “The U.S. must firmly respond to China’s Bitcoin buying spree.” In response, the U.S. economic media Bloomberg analyzed that Thiel was urging stronger regulation of Bitcoin.

There have also been criticisms that North Korea is exploiting the anonymity of the cryptocurrency market. On the 9th, Aaron Arnold, a member of the U.N. Security Council’s North Korea Sanctions Committee, told Voice of America, “A significant portion of North Korea’s income comes from cryptocurrency hacking, and their hacking techniques are becoming increasingly sophisticated,” pointing out, “They will continue hacking in the future.” According to a report by the U.N. Security Council’s North Korea Sanctions Committee expert panel released on the 31st of last month, North Korea is known to have stolen approximately 316.4 million USD (about 355.387 billion KRW) worth of Bitcoin from 2019 to November of last year.

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