[Bitcoin Now] Quiet at Around 59 Million Won... Diverging Expert Forecasts

Observation Raised That It May Fall to 10,000 Dollars
FIU "29 Out of 42 Domestic Virtual Asset Operators Passed Screening"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains quiet in the 59 million KRW range. Amid this situation, experts' opinions are divided on next year's Bitcoin price forecast.

According to the domestic cryptocurrency exchange Upbit, as of 2:20 PM on the 23rd, Bitcoin recorded 59.4 million KRW, down 0.59% from the previous day. The day before, Bitcoin rebounded to 60.77 million KRW but has since shown a sluggish trend.

Experts' forecasts for next year's Bitcoin price diverged. According to the US economic media CNBC on the 22nd (local time), Carrie Alexander, a professor at Sussex University, said, "Next year, Bitcoin will fall to $10,000 (about 11.86 million KRW)," adding, "Bitcoin basically has no intrinsic value and is more like a toy than an investment." Furthermore, she gave a negative outlook, saying, "History repeats itself," and "In 2018, Bitcoin soared to $20,000 before falling to $3,000."

There were also views that the bubble surrounding Bitcoin would burst as the US Federal Reserve (Fed) adopts a hawkish stance. Todd Lowenstein, Chief Strategist of Union Bank's Private Banking division, explained, "If the Fed shows a tough stance, it could curb Bitcoin's upward momentum," adding, "The Goldilocks scenario where economic growth occurs without inflation is ending, and the liquidity expansion phase is concluding." He also said, "Bitcoin's chart is showing a pattern similar to historically bubble-then-collapse assets," and "Bitcoin, like other bubble-laden assets, carries the narrative of 'this time is different.'"

However, some experts offered a positive outlook. Yuya Hasegawa, a cryptocurrency market analyst at Japan's cryptocurrency exchange Bitbank, said, "The Fed's tapering (asset purchase reduction) has already been decided," and "This situation is likely reflected in Bitcoin's price."

Meanwhile, among 42 domestic virtual asset operators, 29 companies passed the review by the Financial Intelligence Unit (FIU) under the Financial Services Commission. On this day, the FIU announced that among the virtual asset operators who filed reports, 24 trading companies and 5 custody companies passed the review. Among these, four exchanges operating KRW markets are Upbit, Bithumb, Coinone, and Korbit. There are 20 coin market exchanges where trading with cryptocurrencies is possible, including Private, Gopax, GDAC, Probit, and Foblgate. Other wallet custody and management operators total five companies: Coda, K-DAC, Hexlant, MyKeyPin Wallet, and Hyperism. However, financial authorities cautioned investors that a reported virtual asset operator does not necessarily mean a safe operator and urged caution.

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