The price of one bitcoin, a cryptocurrency leader, exceeded 30 million won. After recording 20 million won, 10 million won has risen more in just 40 days.
According to the cryptocurrency exchange Upbit on the 27th, the high price of bitcoin at around 10 o’clock on the day reached 31 million won.
This is a price that is a whopping 250% higher compared to the price of 8,400,000 won per bitcoin in January this year.
Bitcoin is on the rise after recovering 20 million won in three years on the 18th of last month. On the 16th of this month, it exceeded the record high of 22 million won ($20,000) based on the global average. This time, it entered the 30 million won range for the first time in history, leaving a monumental record again.
Experts cite institutional investors’ entry into the market as the reason Bitcoin is rising at a frightening rate. It is an analysis that big players with financial power are growing their plate as they buy bitcoin.
The total bitcoin asset market is about 400 trillion won to 500 trillion won, which is very small compared to other traditional investment assets such as gold. Some institutional investors can easily increase the price of bitcoins by simply buying them in bulk at once.
This month, US life insurance company’Mass Mutual’ will be 110 billion won, and hedge fund’Skybridge Capital’ will It is known that it purchased 27.5 billion won worth of bitcoin. Guggenheim Partners, a global asset management company, It plans to invest 10% of the 5 trillion won macro funds in Bitcoin. I also revealed it.
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There are two main reasons why institutional investors flock to the bitcoin market. This is because liquidity is overflowing as countries around the world loosen their money lines to escape the economic recession caused by Corona 19, and the analysis that Bitcoin is making more stable investment returns than gold or stocks is supported.
There are also aggressive predictions over the price of bitcoin. Renowned cryptocurrency venture capitalist Tim Draper predicted through his Twitter on the 27th that “by the end of 2022 or early 2023, it will be 10 times higher than now.” Citibank also said in a recent analyst report, “Bitcoin will reach 330 million won by the end of next year.” Looked out.