Bank of Korea chief says crypto has no intrinsic value, expects volatility

1 week ago 16

Bank of Korea Governor Lee Ju-yeol has expressed skepticism implicit the caller crypto rally, stating that the slope is progressing with a integer currency project.

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Bank of Korea main  says crypto has nary  intrinsic value, expects volatility

Amid a major downward correction successful the cryptocurrency market, the caput of South Korea’s cardinal slope is skeptical astir integer currencies similar Bitcoin (BTC).

Bank of Korea Governor Lee Ju-yeol said that crypto assets similar Bitcoin person nary intrinsic value, section quality bureau Yonhap reports Tuesday. The authoritative said that helium expects much terms swings connected the market, stating, “It is precise hard to foretell the price, but its terms volition beryllium highly volatile.”

Speaking astatine the National Assembly, Lee besides addressed imaginable reasons down the caller crisp crypto rally, which led Bitcoin to go a $1 trillion asset. The BOK politician cited a fig of factors including planetary concerns implicit excessive inflation, increasing organization interest, arsenic good arsenic a monolithic $1.5 cardinal Bitcoin acquisition by Elon Musk’s Tesla.

“These assets saw a steep emergence successful the shortest play of time,” Lee stated. “I would accidental organization investors’ appraisal of utilizing bitcoins arsenic a hedge could beryllium interpreted arsenic different factor.” 

According to The Korea Times, Lee claimed that the BOK is progressing with its cardinal slope integer currency. “The slope is adjacent to completing our reappraisal of designs and applicable technologies regarding bank-controlled integer currencies,” helium said. As antecedently reported, the slope issued a publication connected ineligible issues surrounding CBDCs in aboriginal February.

Bitcoin saw a steep correction connected Feb. 22, with its terms plunging from supra $58,000 to beneath $48,000. United States Treasury Secretary Janet Yellen criticized Bitcoin successful an interrogation connected Monday, stating that the world’s largest cryptocurrency is “extremely inefficient mode of conducting transactions.”

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