[Bitcoin Now] Below 60 Million KRW... Experts Still Express Optimism

Cathie Wood: "Institutional Investors Are Increasing Their Cryptocurrency Investment Proportion"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen below the 60 million KRW mark. However, some experts have presented a positive outlook on Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 1:42 PM on the 10th, Bitcoin recorded 59.97 million KRW, up 0.92% from the previous day. After dropping to 56 million KRW on the 4th, it rebounded to the 64 million KRW range but then fell again.

Nevertheless, Cathie Wood, CEO of Ark Investment, predicted that Bitcoin will show a long-term upward trend. According to the US economic media CNBC on the 9th (local time), Wood stated, “Hedge funds and other institutional investors are increasing their investment proportions in cryptocurrencies,” adding, “If institutional investors allocate about 5% of their assets under management to Bitcoin, the Bitcoin price could rise by approximately $500,000 (about 589.2 million KRW) from the current price.”

In fact, although Bitcoin has been stagnant, interest from institutional investors continues. According to US economic media Bloomberg on the 8th, Rob Citron, manager of US hedge fund Discovery Capital Management, revealed that he bought Bitcoin when it dropped to $30,000 in July. Discovery Capital Management is a well-known hedge fund managing about $2.4 billion.

There is also a prediction that distrust in central banks will lead to a preference for the cryptocurrency market. According to CNBC on the 9th, David, head of US investment research firm Independent Strategy, explained, “The reason people trust cryptocurrencies is that they will continue not to trust central banks and governments,” adding, “Many people believe that central banks and governments devalue fiat currencies and that their value will not be sustained in the long term.” Furthermore, he added, “For this reason, the value of cryptocurrencies including Bitcoin will double within 10 years.”

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