Executive Bank of Korea Wary of Future Bitcoin Price Volatility
Bitcoin Enthusiast – Kenny
Bank of Korea (BOK) Governor Lee Ju-yeol said that buying Bitcoin as well as other digital currencies lack intrinsic worth in the current conditions of the industry and market. Even so, when it falls to digital currency market volatility, he remains hesitant.
Primarily, Lee has estimated that Bitcoin will again undergo further price swings as the days go by. He made his predictions as a response to a question from an anonymous legislator in the middle of the latest Bitcoin price pump. On the topic of the lawmakers, he needed to know whether or not the recent price increase in Bitcoin is going to last.
Based on the issue, Lee Ju-yeol answered, "It is very difficult to estimate the price, but the price will be highly unpredictable." In fact, Ju-yeol argued that several other variables may affect the current BTC price pump.
Among them, he stated that the Bitcoin rally may be the consequence of the 1.5 billion BTC bought by Tesla CEO Elon Musk a few days ago. Moreover, the appetite of other top institutional investors for Bitcoin today may also play a big factor. Ju-Yeol said that.
Ju-yeol also stated that the Bank of Korea is approaching the end of its "bank-controlled digital currency" technology evaluation.