Bank of Korea Governor Lee Ju-yeol said crypto assets like bitcoin have no intrinsic value – simply a measure of how much an asset is really worth.
● Speaking at the National Assembly on February 23, Lee predicted that bitcoin (BTC) will see a price increase going forward, reported the local news agency Yonhap.
● “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 bitcoin rush, in which its price reached a record high above $ 58,000 it was temporary.
● Lee also talked about the possible reasons for the recent bitcoin rally. He believes that increased corporate interest in BTC, as well as concerns about impending excessive inflation due to excessive printing of fiat money by world governments, have given cryptography an advantage.
● “These assets had a sharp increase in the shortest period of time. I would say that the assessment of institutional investors on the use of bitcoins as a hedge can 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 in relation 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 U.S. Treasury Secretary Janet Yellen criticized the top cryptocurrency as an “extremely inefficient way of doing transactions”.
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