[Bitcoin Now] Entering a New Era... Surpassing 40 Million Won for the First Time Ever

Surging to 41 Million Won at Once... Soaring Over 10 Million Won in Just Ten Days

Image source=Getty Images

[Asia Economy Reporter Minwoo Lee] The price of the leading virtual currency (cryptocurrency) Bitcoin has surpassed 40 million KRW for the first time in history.

According to the domestic cryptocurrency exchange Upbit on the 7th, as of 8:52 a.m., the price of Bitcoin recorded 41 million KRW. This is the first time Bitcoin has broken through the 40 million KRW barrier. After surpassing 30 million KRW for the first time on December 27 last year, it surged about 11 million KRW in just ten days. Compared to 8.3 million KRW on January 1 last year, it has skyrocketed approximately 393%.

Not only domestically but also in the global average price, it set an all-time high record. According to CoinMarketCap, which broadcasts the global cryptocurrency market status, Bitcoin's price at the same time was $36,659 (about 39.85 million KRW), up 6.51% from 24 hours earlier, surpassing the $36,000 barrier. This contrasts with last March when the price fell to the $4,000 range during the peak of the COVID-19 pandemic.

It is interpreted that expectations have grown as not only individual investors but also institutional investors have started to enter, and a mood of incorporation into the institutional system has been formed. Last October, the global simple payment company PayPal's announcement of plans to introduce cryptocurrency payments served as a catalyst. With PayPal, which has 350 million users worldwide and 26 million merchants, enabling the practical use of cryptocurrency in daily life, expectations grew that large companies recognized the legitimacy of cryptocurrency.

Recently, the Office of the Comptroller of the Currency (OCC) under the U.S. Department of the Treasury submitted a legal interpretation opinion allowing the use of virtual currencies (stablecoins) linked to existing currencies and prices in commercial bank payment systems, stimulating investment sentiment. News that the U.S. asset management company VanEck Associates plans to launch an exchange-traded fund (ETF) linked to Bitcoin prices also appears to have had a positive effect.