[Bitcoin Now] Hesitating Around 70 Million Won... Possibility of Bitcoin Futures ETF Launch Within This Month

Jamie Dimon, JP Morgan CEO: "Bitcoin Trading Is as Harmful as Smoking"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains in the 70 million KRW range. However, there are expectations that a Bitcoin futures exchange-traded fund (ETF) could be launched on the U.S. stock market by October this year.

According to the domestic cryptocurrency exchange Upbit, as of 2:45 PM on the 12th, Bitcoin was recorded at 70.16 million KRW, down 1.07% from the previous day. It had risen to 71.6 million KRW the day before but then showed some signs of hesitation. At 12:12 PM on the same day, it fell to 69.3 million KRW, dropping below the 70 million KRW mark.

However, the outlook is positive. On the 8th (local time), U.S. economic media Bloomberg predicted that four Bitcoin futures ETFs could be launched within this month. This is due to recent favorable remarks by Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), who said he expects the relevant SEC department to review Bitcoin ETFs. The four cryptocurrency investment firms awaiting the decision on the launch of Bitcoin futures ETFs this month are ProShares, Invesco, VanEck, and Valkyrie.

The cryptocurrency industry is hopeful about the launch of Bitcoin ETFs on the U.S. stock market because it could significantly expand the market size. Currently, the U.S. ETF market is known to be worth approximately $6.7 trillion (about 8038 trillion KRW). Additionally, the volatility, which has been cited as a weakness of cryptocurrencies, is expected to decrease somewhat if Bitcoin ETFs are launched.

[Image source=Reuters Yonhap News]

Nevertheless, Jamie Dimon, CEO of the major U.S. investment bank JP Morgan, criticized cryptocurrencies again. According to U.S. economic media CNBC on the 11th, Dimon said at a conference hosted by the Institute of International Finance, “Bitcoin has no value at all,” and added, “Just as smoking should be stopped because it is harmful to health, it is wise to stop trading Bitcoin.”

Dimon, a prominent cryptocurrency skeptic, has made sharp remarks about cryptocurrencies in the past. On the 4th, he called Bitcoin “fool’s gold,” saying it has no intrinsic value and that financial authorities will regulate it. Back in 2017, when Bitcoin first gained significant attention, he also said, “Bitcoin is a fraud.”

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