[Special Stock] Bident Anticipates Tax Deferral Amid Q4 Bitcoin Rally Outlook... Bithumb Overlapping Positive Factors

[Asia Economy Reporter Hyungsoo Park] Bident is showing strong momentum day after day. This appears to be the result of expectations for a strong rally in Bitcoin toward the end of the year combined with hopes for a postponement of cryptocurrency taxation.

As of 11:56 AM on the 2nd, Bident is trading at 18,100 KRW, up 16.77% from the previous day.

Kim Byung-wook, a member of the Democratic Party and the secretary of the Political Affairs Committee, held a press conference at the National Assembly on the same day, stating that cryptocurrency taxation should be postponed until 2023. He cited the lack of social consensus on taxation and anticipated practical confusion as reasons.

The Democratic Party has pressured Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and the government to delay cryptocurrency taxation. Some analysts interpret this as a strategic move considering the votes of the 20s and 30s generation, who actively participate in cryptocurrency investment ahead of the presidential election.

Following Kim's press conference, the Democratic Party plans to host a policy forum on the 3rd, jointly organized by the party’s think tank, the Minjoo Research Institute, and an internal task force. The forum will also address the necessity of postponing virtual asset taxation. The Democratic Party’s actions regarding cryptocurrency are also seen as moves mindful of the presidential election, which is just four months away. The low approval ratings among the 20s and 30s are considered a weakness, while this demographic actively invests in cryptocurrencies. Kim stated that the postponement of cryptocurrency taxation could potentially become a pledge of presidential candidate Lee Jae-myung. Candidate Lee has previously mentioned the need to delay cryptocurrency taxation in interviews.

Popular on-chain analyst Willy Woo argued that Bitcoin will trigger a strong upward trend by the end of this year as a new challenge to replace gold, the most popular traditional store of value.

He added that Bitcoin, with a market capitalization of 1 trillion dollars, reaching the financial ceiling of gold at 4 trillion dollars is not a distant goal. The fact that Bitcoin, with a history of just around 10 years, has reached 25% of gold’s value, which has lasted for thousands of years, supports this.

Bident, a broadcasting display specialist company, is the single largest shareholder of the cryptocurrency exchange Bithumb, holding 10.25% of Bithumb Korea, the operator of Bithumb, and 34.22% of the holding company Bithumb Holdings. Bithumb recorded a cumulative net profit of 603.3 billion KRW in the first half of this year, an increase of 1100% compared to 50.1 billion KRW in the same period last year. Bident, as an investor, also saw its net profit rise approximately 1084% to 137.4 billion KRW in the first half, compared to 11.2 billion KRW in the same period last year.

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