Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value; In short, a measure of the true value of an asset.
● Speaking at the National Assembly on February 23, Lee predicted that bitcoin (BTC) will see an increase in price changes in the future, local news agency Yonhap reported.
● “It is very difficult to predict the price, but its price will be extremely volatile,” said the head of the bank in response to a question from a legislator who wanted to know if the recent bull run on bitcoin, where its price reached a record above $ 58,000, it was temporary.
● Lee also spoke about the possible reasons supporting the recent rally in bitcoin. He believes that growing corporate interest in BTC, as well as concerns about looming excessive inflation due to the excessive printing of fiat money by world governments, have given crypto an edge.
● “These assets experienced a strong increase in the shortest period of time. I would say that institutional investors’ assessment of the use of 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 relevant designs and technologies with respect to bank-controlled digital currencies,” according to a separate report from The Korea Times.
● Bitcoin fell more than 17% to less than $ 48,000 on February 22 after US Secretary of the Treasury Janet Yellen criticized the top cryptocurrency as an “extremely inefficient way to transact.”
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