[Bitcoin Now] Stable in the Afternoon... Will US Regulatory Tightening Become a Boon?

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices are trading in the 45.5 million KRW range, showing little change compared to the previous day.

According to the domestic cryptocurrency exchange Upbit, as of 1:39 PM on the 3rd, the price of Bitcoin recorded 45,523,000 KRW, up 0.1% (6,000 KRW) from the previous day.

Although there was an interpretation that the price had entered a downward trend since December last year, Bitcoin prices have been steadily rising. In response, Michael Saylor, CEO of MicroStrategy, predicted that the U.S. government's move to strengthen cryptocurrency regulations would have a positive effect on Bitcoin prices. In an interview with CNBC on the 2nd (local time), CEO Saylor said, "The clarity of additional regulations from the Biden administration will positively impact Bitcoin and accelerate institutions' acceptance of it as an asset."

Furthermore, he stated, "It is important that big tech, major financial firms, and billions of people worldwide need digital asset solutions," adding, "Technologically, economically, morally, and politically, we are on a sound path, which is Bitcoin, and people seem to be starting to realize this."

CEO Saylor also forecasted that if a Bitcoin spot exchange-traded fund (ETF) is approved and fair value accounting for Bitcoin becomes possible, institutions will increase their investments accordingly.

About a year ago, CEO Saylor also projected in an interview with CNBC that "the market value of Bitcoin will someday reach 100 trillion dollars (approximately 1,261 trillion KRW)."

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