[Bitcoin Now] Falls Below 70 Million Won... Institutional Investors Say "Buying Opportunity at Low Price"

Past and Volatility Differ... Optimistic Institutions Say "Bitcoin is Solid"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is trading below 70 million KRW. Some institutional investors have taken advantage of the recent decline as a buying opportunity.

According to the domestic cryptocurrency exchange Upbit, as of 2:54 PM on the 21st, Bitcoin was recorded at 68.91 million KRW, down 2.11% from the previous day. After falling to the 66 million KRW range the day before, it recovered to the 70 million KRW range in the morning but then entered a downward trend again.

Some institutional investors perceived this decline as a chance to buy at a low price. According to cryptocurrency-focused foreign media Coindesk on the 19th (local time), Greg Cipollaro, a researcher at New York Digital Investment Group (NYDIG), a cryptocurrency investment firm, said to investors, “The decline was inevitable as many individual investors who borrowed to invest and preferred safe assets exited,” adding, “Institutional investors used a strategy of buying more when prices dropped during this cryptocurrency correction period.”

Institutional investors remain optimistic about Bitcoin. On the 20th, Bill Miller, Chief Investment Officer (CIO) of hedge fund Miller Value Partners, said in an interview with U.S. economic media CNBC, “The volatility Bitcoin has shown in recent months is different from that of 2017?2018,” and “The Bitcoin bubble has disappeared, and it will rise further.”

Previously, during the cryptocurrency boom of 2017?2018, Bitcoin surged from the 8 million KRW range to 28.88 million KRW. However, when former Minister of Justice Park Sang-ki hinted at regulations on January 11, 2018, it fell to the 6 million KRW range within a month, dropping nearly 80% in that period. This time, although rumors circulated that the U.S. Treasury Department would crack down on illegal activities related to Bitcoin, it fell about 19% from the peak of 81.98 million KRW.