Bitcoin Frenzy Again? ... Related Stocks Soar

40 Million Won Breakthrough Imminent... Woori Technology Investment and Wijit Surge on First Trading Day of 2021

Photo by Getty Images Bank

[Asia Economy Reporter Geum Bo-ryeong] As the Bitcoin price approaches 40 million won, expectations for related stocks are also growing. Following the sharp rise of Bitcoin-related stocks listed on the US stock market at the end of the year, Bitcoin-related stocks listed on the domestic stock market also surged together, starting 2021 on a strong note.

According to the virtual currency exchange Upbit on the 4th, the Bitcoin price soared to 39,453,000 won at 4:48 PM the previous day. At the same time, Bitcoin on another virtual currency exchange, Bithumb, also exceeded 39.4 million won.

The overseas market shows a similar trend. On the 3rd (local time), Bitcoin surpassed $34,500 according to global virtual currency information provider CoinMarketCap. It broke the $30,000 mark in less than three weeks after surpassing $20,000 on the 16th of last month, continuing its record-breaking streak. Considering it was around $7,400 on January 5th last year, it has risen more than fourfold in one year.

The Bitcoin upward trend is expected to continue for the time being. CNN in the US reported the previous day that "As the Federal Reserve is expected to keep interest rates close to zero for the next few years, Bitcoin will continue to gain new fans."

Nicholas Pelekanos, Head of Trading at blockchain company NEM, explained, "We believe we have just entered the beginning of a massive Bull Market." He predicted that Bitcoin prices could reach $50,000 by Valentine's Day (February 14).

In this situation, expectations for Bitcoin-related stocks are also rising. On the New York Stock Exchange, the stock price of Bitcoin mining company Bit Digital closed at $21.91 on the 31st of last month, up 44.6% ($6.76) from the previous trading day.

Domestically, as of 10:07 AM on the first trading day of this year, Woori Technology Investment recorded 5,330 won, up 9.45% (460 won) compared to the previous trading day. At the same time, Vidente rose 6.35%, and Wizit surged 17.43%. Woori Technology Investment holds shares in Dunamu, which operates Upbit, while Vidente and Wizit's subsidiary Omnitel hold shares in Bithumb Korea, making them recognized as Bitcoin-related stocks.