[Bitcoin Now] Approaching 40 Million Won for the First Time Ever

Recorded 39.91 Million KRW in the Afternoon... All-Time High Price

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[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading cryptocurrency, is approaching 40 million KRW. This appears to be a positive factor as institutional investors continue to flow in and existing financial sectors pour out optimistic forecasts.

As of 3:57 PM on the 6th, according to the domestic cryptocurrency exchange Upbit, Bitcoin recorded 39.37 million KRW, up 3.35% compared to 24 hours earlier. Around 1:29 PM, it reached an all-time high of 39.91 million KRW, nearing the 40 million KRW mark.

Other major cryptocurrencies such as Ethereum and Ada are also on the rise. Ethereum recorded 1.247 million KRW, up 0.89% compared to 24 hours earlier. Ada also showed a 3.08% increase during the same period, reaching 301 KRW.

JP Morgan, considered the largest investment bank in the United States, hinted at the potential for further growth of Bitcoin, while the US asset management firm VanEck Associates announced plans to launch an exchange-traded fund (ETF) linked to Bitcoin prices, which seems to have had a positive impact.

Earlier, on the 5th (local time), Bloomberg reported that JP Morgan predicted in an investor memo that Bitcoin prices could rise to $146,000 (approximately 158.8 million KRW) in the long term. Just as gold has expanded into derivatives such as ETFs, gold bars, and gold coins, Bitcoin, known as "digital gold," is also expected to sufficiently broaden its domain.

However, concerns about volatility remain. Janet Yellen, nominated as the next US Treasury Secretary and former Chair of the Federal Reserve, is a well-known cryptocurrency skeptic. Nouriel Roubini, a New York University professor nicknamed "Doctor Doom" who predicted the 2008 global financial crisis, has also pointed out that Bitcoin is not a stable store of value and that the "bubble" will eventually burst.