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Korean Bank Executive Says BTC Lack “Intrinsic Value”

Published 02/25/2021, 09:30 AM
Updated 02/25/2021, 10:01 AM
Korean Bank Executive Says BTC Lack “Intrinsic Value”
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  • Bank of Korea Chief Lee Ju-yeol claims that Bitcoin has no intrinsic value.
  • Moreover, Lee has predicted that Bitcoin will continue to experience significant price fluctuations.
  • Ju-yeol made his prediction as an answer to a question by an unnamed lawmaker asking whether the BTC price pump will last or not.

Bank of Korea (BOK) Governor Lee Ju-yeol has expressed that Bitcoin and other digital assets lack “intrinsic value”. However, he feels uncertain when it comes to digital currency price fluctuations.

Specifically, Lee has predicted that Bitcoin will again experience additional price fluctuations as the day goes. He made his predictions as an answer to a question by an unnamed lawmaker amid the recent Bitcoin price pump.

About the lawmakers’ question, he wanted to know if the current Bitcoin’s price surge will last or not.

Based on the question, Lee Ju-yeol responded that,

“It is very difficult to predict the price, but its price will be extremely volatile.”

In addition, Ju-yeol said that the current BTC price pump could be influenced by many other factors.

Among them, he said that the Bitcoin rally might be a result of Tesla (NASDAQ:TSLA) CEO Elon Musk’s 1.5 billion BTC purchased a couple of days ago. Furthermore, other top institutional investors’ desire for Bitcoin nowadays can also be a great factor. Ju-yeol said.

Also, Ju-yeol noted that the Bank of Korea is near to ending its assessments on technologies in respect to “bank-controlled digital currencies”.

According to CoinGecko, Bitcoin price is $50, 526 with a 24-hour trading volume of $84,782 at the time of writing.

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