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Bank of Korea Governor Lee Ju-yeol said crypto assets like bitcoin have no intrinsic value – in layman’s terms, a measure of an asset’s real value.
● Speaking in the National Assembly on February 23, Lee predicted that bitcoin (BTC) will see an increase in price fluctuations in the future, local Yonhap news agency 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 lawmaker who wanted to know if the recent bullish run of bitcoin, where its price has hit a record higher than $ 58,000, was temporary.
● Lee also spoke about possible reasons for the recent rally of Bitcoin. He believes that growing corporate interest in BTC, along with concerns about impending excessive inflation due to excessive printing of fiat currency by global governments, has given crypto a boost.
● “These assets have experienced a strong increase in the shortest possible time. I would say that the assessment by institutional investors of the use of bitcoin as a hedge could be interpreted as another factor, ”he explained.
● The governor of the central bank also revealed that “the bank is about to complete our review of relevant designs and technologies regarding digital currencies controlled by the bank,” according to another report from the Korea Times.
● Bitcoin fell more than 17% to less than $ 48,000 on February 22 after US Treasury Secretary Janet Yellen criticized the major cryptocurrency as an “extremely inefficient way to transact”.
What do you think of the Bitcoin comment by the Governor of the Bank of Korea? Share your thoughts in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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