HomeCoinsBitcoin (BTC)Bitcoin Has No Intrinsic Value, Asset Is Too Volatile, Says Bank of...

Bitcoin Has No Intrinsic Value, Asset Is Too Volatile, Says Bank of Korea Governor – Regulation Bitcoin News

- Advertisement -


Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value – put simply, a measure of what an asset is actually worth.

● Speaking in the National Assembly on Feb. 23, Lee forecast that bitcoin (BTC) will see increased price swings going forward, the local news agency Yonhap reported.

● “It is very difficult to predict the price, but its price will be extremely volatile,” said the bank chief in response to a question from a lawmaker who wanted to know whether bitcoin’s recent bull run, where its price reached a record high above $58,000, was temporary.

● Lee also spoke about the possible reasons supporting bitcoin’s recent rally. He believes that rising corporate interest in BTC, as well as concerns over looming excessive inflation due to too much fiat money printing by world governments, has given the crypto a leg up.

● “These assets saw a steep rise in the shortest period of time. I would say institutional investors’ assessment of using bitcoins as a hedge could be interpreted as another factor,” he explained.

● The central bank governor also revealed that the “bank is close to completing our review of designs and relevant technologies regarding bank-controlled digital currencies,” according to a separate report by The Korea Times.

● Bitcoin slumped more than 17% to under $48,000 on Feb. 22 after U.S. Treasury Secretary Janet Yellen criticized the top cryptocurrency as an “extremely inefficient way of conducting transactions.”

What do you think about the Bank of Korea governor’s bitcoin comment? Share your thoughts in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons



20201016023142aff i?offer id=10&file id=543&aff id=26183

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
471FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,273FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 62,884.00
ethereum
Ethereum (ETH) $ 2,435.35
tether
Tether (USDT) $ 0.999149
bitcoin-cash
Bitcoin Cash (BCH) $ 828.87
litecoin
Litecoin (LTC) $ 280.14
eos
EOS (EOS) $ 7.67
okb
OKB (OKB) $ 20.59
tezos
Tezos (XTZ) $ 6.50
leo-token
LEO Token (LEO) $ 2.17
cardano
Cardano (ADA) $ 1.45
monero
Monero (XMR) $ 320.17
stellar
Stellar (XLM) $ 0.631402
chainlink
Chainlink (LINK) $ 40.76
huobi-token
Huobi Token (HT) $ 20.58
tron
TRON (TRX) $ 0.140911
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 301.70
neo
NEO (NEO) $ 67.21
iota
IOTA (MIOTA) $ 2.10
nem
NEM (XEM) $ 0.414931
zcash
Zcash (ZEC) $ 236.48
maker
Maker (MKR) $ 2,655.90
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 21.87
vechain
VeChain (VET) $ 0.168070
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 55.84
kucoin-shares
KuCoin Token (KCS) $ 16.74
waves
Waves (WAVES) $ 15.30