[Bitcoin Now] Breathing Space at 72 Million Won Level... High Inflation Drives Uptrend

PayPal, Palantir Co-founder Peter Thiel "Regrets Not Buying Bitcoin Sooner"
Possibility of Bitcoin Crash Also Raised

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is taking a breather at the 72 million KRW level. Amid this, Peter Thiel, co-founder of PayPal and Palantir, claimed that Bitcoin's price reflects high inflation.

According to the domestic cryptocurrency exchange Upbit, as of 3:35 PM on the 1st, Bitcoin recorded 72.1 million KRW, down 0.40% from the previous day. Although it has slightly declined for three consecutive days since the 30th of last month, it remains above the 70 million KRW mark.

The current high price of Bitcoin has been pointed out as a result of inflation. According to the US economic media Bloomberg on the 31st of last month (local time), Thiel said at the '2nd National Conservative Conference' hosted by a conservative group, "The current inflation trend is not a temporary phenomenon, but the Federal Reserve (Fed) does not recognize the severity of inflation," adding, "I am not sure whether to aggressively buy Bitcoin at 60,000 dollars, but it is certainly a moment of crisis." He also expressed regret for not buying Bitcoin earlier.

Thiel is a prominent advocate of Bitcoin, likening it to gold. However, he has shown inconsistent behavior regarding Bitcoin so far. According to Bloomberg on April 7, Thiel supported Bitcoin but argued that regulation is necessary because it could be used as a financial weapon by China. Additionally, in August, Palantir, which he founded, purchased about 50.7 million dollars (approximately 59.6 billion KRW) worth of gold instead of Bitcoin.

Meanwhile, the possibility of a sharp decline in Bitcoin has also been raised. According to the US economic media CNBC on the 27th of last month (local time), Rich Bernstein, CEO of the US investment advisory firm Richard Bernstein Advisors, pointed out that Bitcoin is in a bubble. He explained that demand for Bitcoin surged as liquidity was provided by each country while supply chain disruptions occurred. He noted that not only Bitcoin but also tech stocks and real estate are in similar situations.

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