[Bitcoin Now] Bitcoin Hesitates... Slight Drop to 14 Million Won Range

Slowing Down but Potential Remains... JP Morgan "Possible to Compete with Gold"

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[Asia Economy Reporter Minwoo Lee] The price of the representative cryptocurrency Bitcoin has fallen back to the 14 million KRW range. The nine-day consecutive upward trend appears to be slowing down.

According to the domestic cryptocurrency exchange Upbit on the 26th, as of 5:22 PM, the price of Bitcoin recorded 14.64 million KRW, down 0.31% compared to 24 hours earlier. After rising to 15 million KRW the previous day, it slightly declined. The nine-day consecutive rise since the 17th seems to be somewhat stalling.

Other major cryptocurrencies such as Ethereum and Ripple show similar trends. Ethereum recorded 454,750 KRW, down 0.60% compared to 24 hours earlier. During the same period, Ripple remained steady at 286 KRW with no change.

Meanwhile, the major U.S. investment bank JP Morgan has evaluated Bitcoin as having the potential to be a safe asset that can compete with gold. This contrasts with the negative stance consistently maintained since 2017, when Jamie Dimon, CEO of JP Morgan, harshly criticized Bitcoin as "nonsense used only by drug dealers, criminals, and North Korean residents" during the global Bitcoin investment frenzy.

JP Morgan's Global Quantitative Analytics and Derivatives Strategy team recently released a report titled "Flows & Liquidity: Bitcoin's competition with gold," stating, "In the short term, Bitcoin appears to have entered an overbought state, but if Bitcoin can compete more fiercely with gold as an alternative asset, the long-term potential for Bitcoin's price and value increase is very high." They added, "As more large corporations adopt Bitcoin, virtual assets could narrow the gap with gold much faster."