[Bitcoin Now] Staying Around 47 Million Won... Cryptocurrency Optimists Say "Further Decline Expected"

Scott Minerd Guggenheim Partners CIO "Cryptocurrency Market Similar to Past Dotcom Bubble"
Goldman Sachs "Ethereum Could Surpass Bitcoin"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin remained in the 47 million KRW range. Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners, known as a cryptocurrency optimist, argued that there is a possibility of further decline.

According to the domestic cryptocurrency exchange Upbit, as of 7:26 a.m. on the 26th, Bitcoin recorded 47.18 million KRW, up 0.48% from the previous day. It plunged to 39.33 million KRW on the 23rd but rebounded and has shown little fluctuation in the 47 million KRW range.

Possibility of further decline has been raised. According to the US economic media CNBC on the 25th (local time), Minerd CIO said, "The 1987 stock market crash, the 2000 dot-com bubble, and the current cryptocurrency market are similar," and "further decline is expected." He also added, "Investors seeking inflation loss hedging will leave the cryptocurrency market and move to gold and silver."

Minerd CIO was regarded as a leading cryptocurrency optimist. Previously, he claimed that Bitcoin's market capitalization could surpass gold. Even when Bitcoin, which surpassed 80 million KRW last month, plunged to the 50 million KRW range, Minerd CIO said, "Bitcoin is highly inflated and could fall to $20,000," but also said, "In the mid to long term, Bitcoin could rise to $400,000 to $600,000 per coin."

Meanwhile, opinions have been raised that altcoins will rise. According to the cryptocurrency specialized foreign media CoinGape on the 24th, the US giant investment bank Goldman Sachs stated in a report, "Ethereum has more practical uses than Bitcoin and could surpass it," and "Ethereum supports smart contracts and also provides a way to create new applications (apps) on the platform." In fact, while Bitcoin focuses solely on transactions, Ethereum is used in various decentralized platforms such as non-fungible tokens and DeFi finance.

Accordingly, Ethereum is on the rise. At the same time, Ethereum recorded 3.28 million KRW, up 2.46% from the previous day. It fell to the low 2 million KRW range on the 23rd but rebounded with a 24.24% increase. Ethereum Classic also rose 8.24% to 96,680 KRW.

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