[Bitcoin Now] Rises to 71 Million Won Range... "Closes to 300 Million Won Within 5 Years"

Mark Yusko Morgan Creek Capital Management CEO "No Value in Altcoins like Dogecoin"
Dogecoin to Be Used as Payment Method for SpaceX Space Exploration Plan

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has risen to the 71 million KRW range. Along with advancements in computer performance, forecasts suggest that Bitcoin could rise to nearly 300 million KRW within five years.

According to the domestic cryptocurrency exchange Upbit, as of 2:56 PM on the 10th, Bitcoin recorded 71.54 million KRW, up 0.06% compared to the previous day. After rising 4.63% on the 8th, moving from the 68 million KRW range to the 71 million KRW range, it has maintained this level.

There is a prediction that Bitcoin will rise to $250,000 (approximately 278.9 million KRW). On the 9th (local time), Mark Yusko, CEO of cryptocurrency-focused asset management firm Morgan Creek Capital Management, said in an interview with the U.S. economic media CNBC, “Computer performance will rapidly advance within five years, building a powerful network,” adding, “Based on this, Bitcoin could rise to $250,000.”

CEO Yusko also claimed that most altcoins will disappear and Bitcoin will continue to represent the cryptocurrency market. He said, “Altcoins like Dogecoin are cryptocurrencies without fundamental value or use cases,” and “Bitcoin, which acts as a kind of gold in the cryptocurrency market, will establish itself as a payment method.”

Meanwhile, Elon Musk, CEO of Tesla and concurrently CEO of space exploration company SpaceX, has decided to use Dogecoin as a payment method for space exploration plans. According to CNBC on the 9th, space logistics company Geometric Energy announced a plan called ‘DOGE-1 Moon Mission’ to be carried out in the first quarter of next year. According to the plan, Geometric Energy will pay the costs required to launch SpaceX’s Falcon 9 rocket using Dogecoin. Tom Ochinero, Vice President of SpaceX, said, “We will lay the foundation for interplanetary commerce through cryptocurrency.”

CEO Musk has shown interest in Dogecoin before. On the 15th of last month, Musk posted a picture on Twitter featuring a dog symbolizing Dogecoin and the moon. The moon symbolizes a surge among cryptocurrency investors. However, on the 9th, Musk showed a more cautious response compared to before by calling Dogecoin “a cryptocurrency that is just a joke” on the U.S. entertainment show ‘SNL.’ Following this, Dogecoin fell by up to 35% from its previous high.