[Bitcoin Now] Hesitating at 70 Million Won Level... Expert Says "Difficult to Reach 100,000 Dollars Within the Year"

Asset Management Firms Bet on Bitcoin Rise at Chicago Mercantile Exchange
Laurent Ksis, Director of CEC Capital, Says "Insufficient to Reach $100,000"
National Assembly Passes Income Tax Law Amendment to Postpone Cryptocurrency Taxation by One Year in Plenary Session

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is stalling in the 70 million KRW range. As Bitcoin has recently failed to rebound, there are predictions that reaching $100,000 (approximately 117.92 million KRW) within this year will be difficult.

According to the domestic cryptocurrency exchange Upbit, as of 12:55 PM on the 3rd, Bitcoin recorded 70.11 million KRW, down 0.60% from the previous day. The highest price on that day was 70.99 million KRW, and the lowest was 70.03 million KRW, showing little fluctuation.

Bitcoin prices have been stagnant since the beginning of this month. It rose to 72.85 million KRW on the 1st but has been declining since. The previous day, it fell below the 70 million KRW mark, recording 69.95 million KRW. Bitcoin began to rebound from October, reaching an all-time high of 82.7 million KRW. The increase rate for Bitcoin in October was about 35.26%.

As Bitcoin continues to struggle, some experts predict that reaching $100,000 within this year will be difficult. According to cryptocurrency media CoinDesk on the 2nd (local time), Laurent Kssis, a cryptocurrency ETF expert and director at financial services firm CEC Capital, said, “Asset managers are taking long positions on Bitcoin futures at the Chicago Mercantile Exchange (CME), predicting a rise,” but added, “Still, it is insufficient to reach $100,000.”

When Bitcoin hit an all-time high last month, cryptocurrency investors expected it to reach $100,000 this year. According to the U.S. economic media Business Insider in October, David Gokstein, CEO of cryptocurrency media company Gokstein, said, “Major Wall Street banks such as Bank of America (BoA) are entering the cryptocurrency market,” and predicted, “Bitcoin will rise to $100,000 within the year.”

Meanwhile, domestic cryptocurrency investors will not have to pay taxes for one more year. The National Assembly passed an amendment to the Income Tax Act in a plenary session the day before, postponing the implementation of cryptocurrency taxation to 2023. The first tax payment will be from May 2024. Previously, the government planned to classify cryptocurrency capital gains as other income and tax them at 20% starting January 1 next year. However, lawmakers argued for postponing the taxation timing due to the inadequacy of the cryptocurrency tax system and potential issues with tax equity. Currently, major countries including the United States, Germany, the United Kingdom, France, Japan, and Australia tax cryptocurrencies.