[Bitcoin Now] Rebound to 37 Million Won Following Remarks by CEO Musk and US SEC Chair

Tesla CEO Musk: "If Bitcoin Becomes Eco-Friendly, Payment Service Will Resume"
Gensler, US SEC Chair: "Cryptocurrencies with Securities Characteristics Should Be Covered by Securities Law"

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has rebounded to the 37 million KRW range. Positive remarks from Elon Musk, CEO of Tesla, and Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), appear to have influenced the cryptocurrency market.

According to the domestic cryptocurrency exchange Upbit, as of 2:42 PM on the 22nd, Bitcoin recorded 37.78 million KRW, down 0.61% compared to the previous day. Bitcoin had fallen to 34.82 million KRW on the 20th but then rebounded. On the same day, it rose to as high as 38.47 million KRW at 9:27 AM.

Musk’s remarks hinting at the resumption of Bitcoin payment services acted as a positive factor. According to U.S. economic media CNBC on the 21st (local time), Musk said at the cryptocurrency conference The B Word, “Bitcoin uses a lot of energy in the mining process, so it is negative for the environment, but I understand that the proportion of renewable energy use is increasing,” adding, “If Bitcoin mining becomes eco-friendly, Tesla will resume Bitcoin payment services.” He also stated that he still holds Bitcoin and has personally invested in Ethereum and Dogecoin.

The cryptocurrency market has been swayed by Musk’s words before. On May 12, he pointed out Bitcoin’s environmental issues on Twitter and announced the suspension of Tesla’s Bitcoin payment service. As a result, Bitcoin fell 10.73% that day, starting a downward trend. Conversely, on February 7, when Tesla disclosed that it had purchased about 1.5 billion USD (approximately 1.7247 trillion KRW) worth of Bitcoin, Bitcoin surged 17.05%.

Gensler’s remarks on cryptocurrency regulation also had a positive impact. According to cryptocurrency specialized foreign media Coindesk on the 21st, Gensler said in an interview with the American Bar Association, “Stock tokens linked to stock prices, stablecoins that preserve value as securities, and cryptocurrencies operating in the decentralized finance space should all be included under U.S. securities laws if they take the form of securities.”

Coindesk analyzed that Gensler’s remarks came amid the recent regulatory stance of U.S. financial authorities on stablecoins. On the 19th, the U.S. Treasury Department announced that top financial regulators, including Treasury Secretary Janet Yellen, discussed the growth of stablecoins and the risks they pose to national security. The President’s Working Group on Financial Markets, which includes the Treasury Department, is expected to release recommendations for stablecoin regulation in the future. Stablecoins are cryptocurrencies linked in value to fiat currencies and are known for their low volatility.

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