[Bitcoin Now] Surpasses 15 Million Won... Maintained for Three Consecutive Days

Is Alternative Investment Settling In?... Steady Uptrend Since PayPal's Participation

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[Asia Economy Reporter Minwoo Lee] The price of the representative virtual currency (cryptocurrency) Bitcoin remains around 15 million KRW. Analysts say that with institutional investors entering the market, it is settling as an alternative asset.

According to the domestic cryptocurrency exchange Upbit on the 29th, as of 2:39 PM, the price of Bitcoin was recorded at 14,978,200 KRW. This is a 0.53% decrease compared to 24 hours earlier. After surpassing the 15 million KRW mark on the 27th, it rose to 15.56 million KRW the day before before temporarily stabilizing. This is the first time since July last year that Bitcoin has entered the 15 million KRW range. As it recently maintained the 15 million KRW level, there is an analysis that Bitcoin is being recognized as an alternative asset.

According to the cryptocurrency specialized media Cointelegraph, the number of high-value Bitcoin investors recently reached an all-time high. As of the 25th, there were 2,231 cryptocurrency wallet addresses holding 1,000 or more Bitcoins (approximately 15 billion KRW). These are estimated to be trading about 12% (2.23 million coins) of the total Bitcoin supply.

Recently, PayPal, the world's largest simple payment service provider, announced plans to offer cryptocurrency services, which is news that supports institutional adoption. PayPal, used by about 350 million people worldwide, announced on the 21st (local time) that it will add cryptocurrency trading functions by the end of the year and support cryptocurrency payments at all online merchants early next year. Following this, the price of Bitcoin surged nearly 1 million KRW in a short time.

Meanwhile, JP Morgan recently classified Bitcoin as a risky asset in a report. The report stated, "Demand for Bitcoin appears to reflect demand for alternative currency more than demand for safe-haven or risk-averse assets," and argued that "it is more appropriate to classify Bitcoin as a risky asset rather than a safe asset."