[Bitcoin Now] Slight Drop to 61 Million KRW Range... US Investment Firm CEO Calls Bitcoin "Worst Bubble"

Ryan Payne "Funds Flow into Cryptocurrency Market but It's Just a Bigger Casino"
Hedge Funds Entering the Cryptocurrency Market

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has slightly dropped to the 61 million KRW range. Meanwhile, Ryan Payne, CEO of the US investment firm Payne Capital Management, harshly criticized Bitcoin as the worst bubble in human history.

According to the domestic cryptocurrency exchange Upbit, as of 3:15 PM on the 9th, Bitcoin recorded 61.29 million KRW, down 1.48% from the previous day. It rebounded to 64.12 million KRW on the 7th but has been declining since then.

CEO Payne compared Bitcoin to a bubble. On the 7th (local time), according to the US economic media Yahoo Finance, he said, “Cryptocurrencies including Bitcoin are among the worst bubbles in human history,” and criticized, “All bubbles inevitably burst.”

Payne also agreed with Charlie Munger, Vice Chairman of Berkshire Hathaway. According to US economic media Bloomberg on the 2nd, Munger said at a conference held in Sydney, “The recent capital-based bubble is very serious,” and “Cryptocurrencies should not have existed, and I respect China for banning cryptocurrencies.” Payne also said, “The current cryptocurrency market is more of a bubble than the dot-com bubble in the late 1990s.”

However, he added that cryptocurrencies could rise further. He said, “Bitcoin can go higher due to excessive liquidity,” and “There is too much money flowing into the current cryptocurrency market, but this is just creating a bigger casino.”

However, a major investor who revealed investing in Bitcoin also appeared. According to Bloomberg on the 8th, Rob Citrone, manager of the US hedge fund Discovery Capital Management, said, “I invested when Bitcoin was $15,000 (about 17.62 million KRW) earlier this year and realized profits at $45,000,” and “I started investing again when Bitcoin dropped to $30,000 in July.” However, he did not mention the investment scale. Citrone is known as a hedge fund manager with over 20 years of experience. Discovery Capital Management manages $2.4 billion.

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