Jung Tae-young, Vice Chairman of Hyundai Card, "Cryptocurrency Anxiety Due to Weak References and Order"

Claim That It Is Dangerous Because It Is Not Central Bank Currency, Disagreement
References and Order Are Very Weak, Causing Concern

[Asia Economy Reporter Ki Ha-young] Jung Tae-young, Vice Chairman of Hyundai Card, stated that he does not agree with the claim that virtual currencies like Bitcoin are risky because they are not issued by central banks.

On the 29th, Jung posted on his Facebook, "People often ask me for my opinion on virtual currencies like Bitcoin in private settings, and my answer is always 'I don't know,'" but he also shared some personal views on several key issues.

Regarding the argument that virtual currencies are risky because they are not issued by central banks, he said, "I do not agree because the issue is not about their usefulness as a means of payment but about their legitimacy as investment targets." He added, "Minerals, oil, and agricultural products are not investment targets because someone centrally controls them," and noted, "They can always be unstable due to mining, politics, climate issues, and so on."

He further explained that the claim that virtual currencies are unstable because they are conceptual rather than physical assets is not a good explanation. He said, "There are already many conceptual investment targets around us," and added, "Index funds, exchange rates, and options are familiar, but ultimately they are just concepts created by people."

Jung suggested that the reason people feel particularly uneasy about virtual currencies is because "their references and order are very weak." He mentioned, "The price of gold can be compared to silver, copper, and other prices, so it cannot just fluctuate arbitrarily," and "The dollar is on the same shelf as other currencies, and although stock prices fluctuate greatly, there is a consensus on valuation." He also said, "Indexes have reference groups, and oil has a long history and substitutes. In that sense, virtual currencies lack purpose, references, and valuation, and whether they go up or down, there is no proper explanation, making it close to blind investment."

However, Jung added, "Elon Musk, who has a much bigger capacity than I do, thinks differently." Elon Musk, CEO of Tesla, purchased $1.5 billion worth of Bitcoin earlier this year. Later, he mentioned 'Dogecoin' again on Twitter, which caused Dogecoin to surge.

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