[서울신문] Musk bets $1.5 billion in Bitcoin… Will it become a cryptocurrency’game changer’?

Tesla “to be accepted as a payment method for electric vehicles”
Report on securing Musk’digital assets’ is renewed
Pioneer investment value judgment Global impact
Central bank cryptocurrency volatility and dysfunction concerns

“One of the world’s largest companies has opened a floodgate (for Bitcoin).” (CEO of Meltum Demeres, UK cryptocurrency investment company’CoinShares’)

When the news that Tesla, an electric car company of Elon Musk (50), the world’s richest and innovative entrepreneur, bought Bitcoin, the leader of cryptocurrency, for $1.5 billion (approximately 1.7 trillion won), the price of bitcoin soared. Renewed. While market opinions differ over whether to recognize the function of bitcoin as a currency, it is interpreted that Musk’s betting with a unique eye to the future is significant. However, there are also opinions that Musk must watch the success or failure of this judgment as it has often caused the company to be in trouble.

Tesla said in a report published to the US Securities and Exchange Commission on the 8th (local time) that “it bought bitcoin in January this year to diversify and maximize the places where cash can be made.” It also added that it could invest more in digital assets in the future. Tesla also said it will be able to buy its electric cars with bitcoin. If it becomes a reality, it is the first famous manufacturing giant to recognize Bitcoin as a currency.

In the cryptocurrency industry, it is interpreted that Tesla’s decision may change the market. As if reflecting expectations, the domestic cryptocurrency exchange Upbit rewritten the highest price by recording 50 million won per bitcoin as of 2:55 pm on the day. Another exchange, Bithumb, recorded 49,987,000 won at 9 am.

Professor Park Seong-joon (Director of Blockchain Research Center) Dongguk University said, “If customers pay with bitcoin when they buy a car, Tesla has the effect of purchasing additional bitcoin assets.” “Tesla clearly recognizes bitcoin as an asset and the investment value It was judged that there was.” Dan Ives, an analyst at Wedbush Securities, said, “(The Tesla decision) will have a ripple effect on companies around the world. In terms of trading, it could be a potential’game changer’ for bitcoin use.” Evaluated.

It is unclear whether the government or central bank will have cryptocurrency. In fact, when Treasury Secretary Janet Yellen, who served as the chairman of the Federal Reserve Board (FED), the US central bank, said at a Senate approval hearing on the 19th of last month that “many cryptocurrencies are mainly used for illegal financing,” prices plummeted.

Hwang Se-woon, a research fellow at the Capital Market Research Institute, said, “The biggest uncertainty about the settlement of cryptocurrency in the market is the central bank’s reluctance.” “If bitcoin is widely used in real commerce before the central bank moves, it becomes difficult to regulate. This will happen” he said. Professor Park said, “Minister Yellen is not denying the cryptocurrency itself, but is concerned about dysfunctions such as tax evasion and money laundering.”

On the other hand, some are concerned about Tesla’s Bitcoin investment. According to the US economic journal Marketwatch, Jerry Klein, Managing Director of Treasury Partners, said, “Usually company funds are placed in safe, low-volatility assets, but it is not common to buy bitcoin.” If you give it, you will have to see what the shareholder response will be.”

Reporter Yoo Dae-geun [email protected]