[Bitcoin Now] Slight Drop to 68 Million KRW... Expert Says "70,000 USD by Year-End"

China's Power Shortage and Jamie Dimon, JP Morgan CEO's Critical Remarks Cause Some Hesitation

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin slightly dropped to the 68 million KRW range. It appears that China's power shortage and the criticism of Bitcoin by Jamie Dimon, CEO of the major U.S. investment bank JP Morgan, had a negative impact. However, experts predict that Bitcoin will rise to $70,000 (approximately 83.61 million KRW) by the end of the year.

According to the domestic cryptocurrency exchange Upbit, as of 3:22 PM on the 13th, Bitcoin recorded 68.31 million KRW, down 1.22% from the previous day. It had risen to 71.6 million KRW on the 11th but has been on a downward trend since. It even fell to 67.85 million KRW at 3:01 PM that day.

China's power shortage is interpreted as the cause of Bitcoin's decline. Currently, China is suffering from a severe power shortage due to a shortage of coal, the raw material for electricity production. Additionally, because the Chinese government is attempting strong environmental regulations, large-scale electricity production is not easy. There is speculation that Bitcoin mining, which consumes a lot of electricity, could face further restrictions.

Furthermore, CEO Dimon's critical remarks also seem to have influenced the cryptocurrency market. According to U.S. economic media CNBC on the 11th (local time), at a conference hosted by the International Finance Institute, CEO Dimon said, "Bitcoin has no value at all," and added, "Just as tobacco is harmful and should be quit, Bitcoin trading should also stop." He had previously expressed a negative view of cryptocurrency, even likening Bitcoin to "fool's gold."

However, experts' outlook on Bitcoin is optimistic. As optimism grows that the U.S. Securities and Exchange Commission (SEC) may approve the launch of Bitcoin futures exchange-traded funds (ETFs), Bitcoin's upward trend is expected to continue. According to U.S. economic media MarketWatch on the 12th, Armando Aguilar, Vice President of Digital Asset Strategy at U.S. investment firm Fundstrat, said, "Recently, transactions exceeding $10 million have increased," adding, "These transactions likely come from institutions and large investors expecting an upward trend."

Additionally, Vice President Aguilar predicted, "Before Bitcoin reaches an all-time high, large-scale transactions have increased," and "Bitcoin will soon break its all-time high." He added that Bitcoin's price could exceed $70,000 by the end of the year. Currently, Bitcoin's all-time high is 81.99 million KRW, recorded on April 14.

Although currently stagnant, there is also analysis that after a correction, the upward trend will resume. Katie Stockton, founder of financial research firm Fairlead Strategies, explained, "Bitcoin may undergo a two-week correction process," but "it maintains positive momentum in the mid-term, so it could record an all-time high in the future."

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