[Bitcoin Now] Sideways Movement Around 50 Million KRW... SEC Chairman "Will Expand Exchange Crackdown"

MicroStrategy CEO "Will Never Sell Despite Long-Term Weakness"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains in the 50 million KRW range. However, negative factors continue, such as Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stating that cryptocurrency exchange crackdowns will be intensified this year.

According to the domestic cryptocurrency exchange Upbit, as of 2:37 PM on the 20th, Bitcoin recorded 50.49 million KRW, up 0.32% compared to the previous day. Although it fell below the 50 million KRW mark at 49.98 million KRW at 5:10 PM the previous day, it has mostly been hovering in the 50 million KRW range.

From this year, it is expected that U.S. financial authorities will strengthen crackdowns on cryptocurrency exchanges. According to Bloomberg, a U.S. economic media outlet, on the 19th (local time), Chairman Gensler said, "Before Congress steps in, the SEC will directly regulate for several months," and "We plan to conduct additional focused investigations to protect cryptocurrency investors."

Chairman Gensler also argued that the cryptocurrency market should be incorporated into the regulatory system. He said, "If cryptocurrency exchanges are not included in regulations, investor protection will become vulnerable."

Gensler has emphasized the need for regulation of the cryptocurrency market from before. Last month, at the DACOM conference hosted by cryptocurrency monitoring service provider Solidus Labs, he warned that cryptocurrency exchanges must be within the SEC’s oversight scope and that enforcement orders could be issued if regulations are not followed. He also expressed the opinion that decentralized finance (De-fi) must be subject to central regulation to sustain the industry.

Meanwhile, Michael Saylor, CEO of MicroStrategy, which holds the largest amount of Bitcoin among private companies, offered a positive outlook. On the 19th, in an interview with Bloomberg, CEO Saylor stated that even if Bitcoin falls into a long-term bearish trend, he would never sell.

He said, "MicroStrategy’s strategy is to acquire and hold Bitcoin," and "Considering inflation, Bitcoin actually provides comfort." He projected that Bitcoin will serve as a hedge against inflation losses. According to Bloomberg, MicroStrategy is known to hold 124,391 Bitcoins as of the end of last month.