[Bitcoin Now] Rebounds to 46 Million Won Range... Impact of Musk Supporting Coin Mining Companies

Bitcoin's Previous Day Surge of 10.28% Reported
Association Formed in North America to Standardize Bitcoin Energy Usage Reporting and Promote ESG

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin rebounded to the 46 million KRW range. Amid North American cryptocurrency mining companies forming an association to prevent environmental pollution caused by Bitcoin, Tesla CEO Elon Musk's expression of support led to the upward trend.

According to the domestic cryptocurrency exchange Upbit, as of 2:33 PM on the 25th, Bitcoin recorded 46.64 million KRW, down 0.69% compared to the previous day. It had fallen to 39.33 million KRW on the 23rd but showed a 10.28% increase the day before.

Substantial moves toward Bitcoin's sustainability acted as a positive factor. On the 24th (local time), Michael Saylor, CEO of MicroStrategy, which holds the largest amount of Bitcoin among private companies, announced on Twitter, "Bitcoin mining companies in the North American region have decided to form the Bitcoin Mining Council to ensure transparency and sustainability of the energy used in mining," adding, "They plan to standardize energy usage reporting and pursue ESG (Environmental, Social, and Governance) goals."

CEO Musk also responded positively to the decision of the Bitcoin mining companies. Musk said on Twitter, "Bitcoin mining companies in North America have decided to disclose their planned renewable energy usage and request the same from mining companies worldwide," adding, "I see it as a plan with potential." Earlier, on the 12th, Musk had announced the suspension of Bitcoin payment systems due to environmental issues caused by Bitcoin mining. Since then, he has repeatedly pointed out that Bitcoin harms the environment, shaking the cryptocurrency market.

Meanwhile, some institutional investors pointed out the extreme volatility of cryptocurrencies. According to major foreign media on the 24th, Noel Quinn, CEO of HSBC, Europe's largest bank, said, "Cryptocurrencies are too volatile and not transparent enough to be considered official assets," adding, "HSBC has no plans to create a dedicated trading desk for cryptocurrencies or to provide digital asset trading services to customers." HSBC's stance is somewhat more conservative than other institutional investors. The US giant investment bank Goldman Sachs already established a cryptocurrency trading desk in March. Another investment bank, Morgan Stanley, operates the first Bitcoin fund on Wall Street.

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