[서울신문] Break released uptrend… How far is Bitcoin

Is it gold or bubble (bubble) in the 21st century?

The look at bitcoin, whose price rises endlessly, is double. Even after breaking the highest price in three years, it continues to rise, but some say that the nightmare that collapsed after a craze three years ago came to mind, and it was not easy to go. Experts said, “The reason is different from the bitcoin craze in 2017 and the current rise,” but they were wary about the too fast rise rate.

According to Bithumb, a cryptocurrency exchange on the 9th, bitcoin was traded at 44.1 million won the previous afternoon. The transaction price per bitcoin on this exchange exceeded 20 million won on November 18, last year, and exceeded 30 million won on December 27, and has risen to 40 million won in 10 days. In about 50 days, the price has doubled. Compared to a year ago, it was up 380%.

The reason that the price of bitcoin has soared since last year is largely due to two reasons. First of all, it is the power of liquidity (money) released around the world to catch the real economic crisis caused by Corona 19. “The reason for the rise in the price of the bitcoin market and the stock market is similar,” said Hong Ki-hoon, a professor of business administration at Hongik University, an expert in bitcoin. did.

▲ The price of cryptocurrency Bitcoin exceeded 40,000 dollars at one time on the 7th. The picture is a price chart of a domestic bitcoin exchange on the 3rd. yunhap news

It is also a good news that there has been a movement to recognize Bitcoin as a payment method. A representative report was reported that PayPal, a global simple payment company, has decided to allow purchases and payments using Bitcoin. Seong-joon Park, a professor at Dongguk University’s Graduate School of International Information Security (Director of the Blockchain Research Center at Dongguk University), said, “In 2017, it was not recognized as an asset, it was considered as a scam. He said, “Because you see bitcoin as an asset, it is a transaction.”

Experts predict that bitcoin price will remain on the rise in the long run. Professor Park said, “I am surprised by the high price and there may be a short-term adjustment, but I think the price will basically go upward.”

However, many voices are concerned about the recent rapid rise. Hwang Se-woon, a research fellow at the Capital Markets Research Institute, said, “Bitcoin is attracting attention as a digital payment method, so the upward direction is correct, but it is too fast that it doubled in 50 days.” In the future, if there is a change in the flow of money due to a tightening monetary policy, including the reduction of quantitative easing in the US, it could fall at any time.

Professor Hong said, “Bitcoin differs from stocks in that it does not have a default value (a price that is measured according to corporate value).” Depending on the demand, the price of bitcoin, which is currently around 40 million won per piece, can be either 100 million won or 0 won, so if the trend is right now, an uptrend may continue, but it is an ambiguous situation to nail the peak.

Reporter Yoo Dae-geun [email protected]