[Bitcoin Now] Surpasses 60 Million Won... JP Morgan Chairman Throws Cold Water

Institutional Investors Show Interest in Bitcoin Investment Products
Jamie Dimon, JP Morgan CEO, Calls Bitcoin "Fool's Gold"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has surpassed 60 million KRW. This is interpreted as the market reflecting expectations for the launch of a Bitcoin exchange-traded fund (ETF) in the U.S. stock market. However, Jamie Dimon, CEO of the major U.S. investment bank JP Morgan, belittled Bitcoin as "fool's gold."

According to the domestic cryptocurrency exchange Upbit, as of 9:47 a.m. on the 5th, Bitcoin recorded 60.51 million KRW, up 0.82% from the previous day. This is the first time since the 7th of last month that Bitcoin has exceeded the 60 million KRW mark. As of 3:51 p.m. on the same day, Bitcoin recorded 59.84 million KRW, down 0.29% from the previous day.

It appears that institutional investors are flocking to buy Bitcoin. According to a report by cryptocurrency investment firm CoinShares on the 4th (local time), between September 27 and October 1, $68.7 million (approximately 81.6843 billion KRW) flowed into Bitcoin-related investment products. This represents a 36% increase compared to the previous week and marks the third consecutive week of net buying.

Recently, funds have been flowing in due to expectations that a Bitcoin ETF may be launched in the U.S. stock market. According to cryptocurrency specialized media Coindesk on the 29th of last month, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said at a Financial Times conference, "A Bitcoin ETF is not an investment in Bitcoin itself but in futures contracts," and added, "I expect the relevant SEC division to review it." The industry expects a decision on the launch of a Bitcoin ETF by the end of this year.

Meanwhile, CEO Dimon criticized Bitcoin as having no value. According to the U.S. economic media CNBC on the 4th, Dimon said, "Bitcoin has no intrinsic value and will be regulated by financial authorities," adding, "In some regions like China, it will be considered illegal, so I regard it as 'fool's gold'." Dimon is a prominent critic of cryptocurrencies. In May, at a Wall Street Journal (WSJ) event, he stated, "I have no interest in Bitcoin." However, JP Morgan continues to show steady interest in the cryptocurrency market, cooperating with cryptocurrency investment firm New York Digital Investment Group (NYDIG).