[Bitcoin Now] Drops to 72 Million Won Range... Twitter CFO Says "Cryptocurrency Investment Not Justified"

John Cunliffe, Deputy Governor of the Bank of England, "Cryptocurrency Rapid Growth Threatens Financial Stability"

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 72 million KRW range. Meanwhile, Ned Segal, Chief Financial Officer (CFO) of Twitter, who had been favorable toward cryptocurrencies, expressed the opinion that it is not appropriate to invest in cryptocurrencies immediately.

According to the domestic cryptocurrency exchange Upbit, as of 1:40 PM on the 17th, Bitcoin recorded 72.62 million KRW, down 1.72% from the previous day. It reached an all-time high of 82.7 million KRW on the 9th but has been on a downward trend since then. On the same day, it also dropped to 72.05 million KRW at 12:10 PM.

CFO Segal expressed a negative view on investing in Bitcoin. On the 16th (local time), in an interview with the U.S. Wall Street Journal (WSJ), he explained, “It is not appropriate for Twitter to invest in cryptocurrencies like Bitcoin immediately,” adding, “This is because price volatility remains extreme and accounting rules have not been established.”

So far, Twitter has shown a favorable stance toward cryptocurrencies, led by CEO Jack Dorsey. On the 10th, Twitter established a dedicated cryptocurrency team to handle cryptocurrencies, blockchain-based decentralized applications, and user communities. Additionally, it introduced the ‘Super Follower’ feature, which allows content creators to be supported with cryptocurrencies such as Bitcoin or Litecoin.

Meanwhile, the Bank of England, the central bank of the United Kingdom, criticized cryptocurrencies for adversely affecting the existing financial system. According to the BBC on the 15th, John Cunliffe, Deputy Governor of the Bank of England, said, “The rapid growth of cryptocurrencies, combined with the existing financial system, is threatening financial stability,” and added, “Regulators and legislators should be seriously concerned about this.”

However, Deputy Governor Cunliffe analyzed that cryptocurrencies do not yet pose a direct threat. He explained, “Big tech platforms or social media platforms, like Meta (Facebook), want to issue currencies rather than banks,” but added, “I believe that related movements are not yet significant.”

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