‘1 Bitcoin = 32 million won’ close… 270% increase this year-Chosunbiz> International> International Economy

Input 2020.12.31 15:19

Bitcoin, the’bigger’ of cryptocurrency, continued to rise this year, approaching $30,000 (32.6 million won) intraday on the 31st (local time). This year’s increase rate reached 270%.

According to Bloomberg on the day, Bitcoin is recording $28972 at 11:30 am (Hong Kong time). After the transaction began, it rose to $29,929, and then the pace of the increase was slightly reduced. It has risen close to 50% this month alone, the largest monthly increase since May last year.

Bitcoin rose 270% this year. It is a remarkable rate of return even when compared to any investment product such as stocks and bonds. Until the beginning of this year, it was traded in the range of 7,000 to 8,000 dollars, and the sentiment for preference for risky assets contracted in the aftermath of the coronavirus in March, and it plummeted, but it continued to rise.

BJ Ayer, head of business development at the Singapore cryptocurrency exchange Luno, said, “A lot of things have been verified with respect to Bitcoin,” and “Bitcoin is now a real alternative.”

In the aftermath of the coronavirus, as countries around the world expanded their fiscal expenditures and the currency value fell, analysts say that investors chose bitcoin as one of the hedging measures. Unlike 2016-2017, when individual investors were dominated, not only big investors but also institutional investors and famous companies are buying bitcoin.

However, there are also observations that concerns that regulations on cryptocurrency investment may be strengthened in the future may dampen the rise in bitcoin prices. The U.S. Securities and Exchange Commission sued the developers and executives of Ripple, the world’s three largest cryptocurrency, for violating the Investor Protection Act this month. It is suspected of raising business funds by selling Ripple without giving enough information to investors.