Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

‘Real BTC Bull Run Is Yet to Begin’ – South Korean Crypto Chief

The “real” Bitcoin (BTC) “bull run” is yet to start, a South Korean crypto firm CEO has claimed.

The comments came from Chung Seok-moon (also known as Peter Chung), the head of the Presto Research Center, in an interview with the newspaper Hanguk Kyungjae.

‘Real BTC Bull Run’ on Its Way?

Chung is the former head of research at Korbit, South Korea’s first crypto exchange. He has also previously worked for Nomura, Credit Suisse, and UBS. He said:

“Bitcoin is still just taking its first steps in the world of institutional funds. The real bull run has not even begun yet.”

Chung, who moved to Presto from Korbit last month, said he was “quite positive” about the future of the crypto markets.

He agreed that the United States Securities and Exchange Commission’s approval of Bitcoin spot exchange-traded funds (ETFs) earlier this year had been a watershed moment for the coin. He explained:

“The approval of the Bitcoin spot ETF has brought about a tremendous change in the market. There may be a [temporary] decline due to [various factors]. But […] there is a high possibility that large amounts of money will now start flowing into the market.”


Bitcoin prices versus the South Korean won over the past six months. (Source: Google Finance)

Chung claimed that the SEC’s approval would “have a significant positive impact on investor accessibility and popularization.”

Many have called on South Korean regulators to follow suit with their own BTC spot ETF approval.

However, regulators have categorically ruled out any such move until April 10’s parliamentary elections.

Regardless, Chung appears to believe Washington has now opened the floodgates for a “real BTC run.”

Traditional Firms Want Bitcoin Access, Expert Says

Chung argued that “traditional financial asset management companies that have not paid much attention to cryptoassets” in the past will now look to “participate in the market.” He said:

“Basically, asset management companies have investment management principles. They maintain the overall rate of return by incorporating assets with low correlations into portfolios. Bitcoin is an asset that has a low level of correlation with traditional financial assets.”

Bitcoin investors facing volatility in Asian trading may be grappling with the fallout of automated trading protocols reacting to flows data for US ETFs holding the cryptocurrency

— Bloomberg Markets (@markets) April 3, 2024

Chung went as far as to say that it would now be a “possible dereliction of duty” for asset managers “not to include Bitcoin ETFs in their portfolios.”

He claimed that institutions will soon “have no choice but to inject funds” into crypto “in the future.”

This could become particularly noticeable in South Korea. Retail investors still dominate the nation’s vibrant crypto markets.

Should institutional investors in the nation start embracing crypto, demand could be set for an upward spike.

‘Mid-April Bitcoin Moves Likely’

Regardless, Chung said that “institutional funds” would begin to flow to BTC “in earnest after mid-April.”

He noted that “many financial institutions” go through “a ‘seasoning period’ of about three months for new investment products.”

In the wake of bitcoin’s new highs, South Korea’s ‘kimchi premium’ is in the spotlight again

— CNBC (@CNBC) April 3, 2024

The Presto chief said managers still need time to “check whether the product is stable and actively traded.” He added:

“Once this period is over, Bitcoin will be looking at a higher [price] than the current [rate].”

And Chung concluded that Bitcoin “may also receive a boost” if Washington decides to “gradually” ease interest rates – leading to a “release of funds.”

Last month, another South Korean analyst said that Bitcoin’s price growth was likely to “continue” in the future as BTC optimism grows in the nation.

The post ‘Real BTC Bull Run Is Yet to Begin’ – South Korean Crypto Chief appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...


    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024