Bitcoin Remains Around 61 Million Won... Investors 'Surprised' by Fake Tweet of Indian Prime Minister

Prime Minister Modi Announces "Adoption of Bitcoin as Legal Tender"... But Revealed as Fake Post
Cryptocurrency Market Falters... Large Investors Buying at Low Prices

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains around 61 million KRW. Meanwhile, cryptocurrency investors reacted when Indian Prime Minister Narendra Modi announced on Twitter that Bitcoin had been adopted as legal tender, but it was revealed to be a fake post due to hacking.

According to the domestic cryptocurrency exchange Upbit, as of 4:41 PM on the 12th, Bitcoin recorded 61.4 million KRW, down 0.04%. The day's lowest and highest prices were 61 million KRW and 61.81 million KRW respectively, showing little change in the market price.

The cryptocurrency market paid close attention to Prime Minister Modi's Twitter. On the 11th (local time), according to the US economic media Bloomberg, Modi announced on Twitter, "India adopts Bitcoin as legal tender," adding, "The government has purchased 500 Bitcoins and will distribute them to all citizens."

Cryptocurrency investors strongly reacted to the Indian government's shift in stance, which had been negative toward cryptocurrencies until now. India is pushing a bill to ban cryptocurrency trading, including Bitcoin. If the bill passes, India will become the second country after China to ban cryptocurrency trading. On the 18th of last month, Modi said, "Cryptocurrencies can ruin young people," and "All democratic countries must strive to prevent cryptocurrencies from falling into the hands of bad forces."

However, Modi's Twitter was revealed to be a fake post caused by hacking. On the 12th, the Indian Prime Minister's Office stated, "There was an issue with the Prime Minister's Twitter account, but it was immediately restored," and "Please disregard any posts made during the problem." The related Twitter posts have since been deleted.

Meanwhile, major investors appear to be buying at low prices despite adverse conditions in the cryptocurrency market. According to the cryptocurrency specialized media CryptoPotato on the 7th, an anonymous cryptocurrency investor holding about 120,000 Bitcoins purchased an additional 2,700 Bitcoins. At that time, the Bitcoin price was around 63 million KRW. Latin American country El Salvador also announced on the 4th that it purchased 150 Bitcoins at an average price of $48,670 (approximately 57.52 million KRW).

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