“I lost 5.2 million won in a week. Still, my stop loss is still there.”
The loss of cryptocurrency investment received by Mr. Choi (27), an office worker in Mapo-gu, Seoul, between the 19th and 25th was -38%. The valuation gains and losses are -5.2 million won. This amount is far more than twice the average income of a 20-year-old employee (2.21 million won). When asked if he would quit investing in cryptocurrency, Mr. Choi adamantly replied,’No.’
Cryptocurrency investors had a’worst week’ as Bitcoin, which had surpassed 80 million won, fell to 50 million won. While major countries including the United States issued warning messages about cryptocurrency, the overall market price fell, and in Korea, the remarks of’exchange concern concerns’ by Finance Commissioner Eun Seong-soo were overlapped.
However, the 2030 generation, which plays the role of the’engine’ of the domestic cryptocurrency market, is still unable to leave cryptocurrency. This is because cryptocurrency is the only “principal recovery tool”.
◇ “Frenzy will not cool down”… 2030 strong’faith’
Ethereum, which forms the two largest cryptocurrency mountain ranges along with Bitcoin, soared to 32 million won on the 16th, and dropped to 23 million won on the 23rd, based on Upbit, a domestic cryptocurrency exchange. Altcoins such as ΔBinance Coin, ΔRipple, and Doji Coin also fell 10-20% at once.
Lee Mo (29), an altcoin investor who lost millions of won, declared’to hold on’. Mr. Lee said, “I have the amount of money as it is. I don’t think the cryptocurrency craze does not cool down easily.” “Even if it cools down, there will be a third frenzy soon. This is the only way I can recover the principal.”
There was also a basis for faith. The cryptocurrency frenzy of 2017 and the frenzy of 2021 are different. Lee argues that 2017 was a’invisible’ currency, but now it is a’visible currency’.
In fact, in March, Tesla, an electric vehicle company in the United States, started paying for Bitcoin vehicles. Starbucks is also receiving cryptocurrency payments such as bitcoin in partnership with the digital wallet app’Bakt’. Unlike Korea, related businesses are already entering the system in overseas markets.
◇ “Don’t take the opportunity”… Strong’backlash’ towards the government
The 2030 generation’s backlash to protect the cryptocurrency is also strong. On the morning of the 25th, a petition from the Blue House calling for the resignation of Chairman Eun Seong-soo, who negatively evaluated cryptocurrency investment, surpassed 110,000 in three days. The government’s response to the national petition is 200,000 people within 30 days.
Petitioner, who introduced himself as an ordinary office worker in his 30s, said, “The seniors in the 4050s have been accumulating assets easily in the trend of the rising real estate.” It is inappropriate to do it,” he criticized.
He added, “The advanced countries are already making various efforts to preoccupy this market (cryptocurrency), but they still look at the world with a manufacturing-oriented mindset.” It would be great,” he pointed out.
◇ Will cryptocurrency continue to crash?
Scott Minerd Guggenheim Partners Chief Investment Officer (CIO), who is called a cryptocurrency optimist, appeared on CNBC on the 21st and said, “I think bitcoins can go down to 20,000 to 30,000 dollars (22 million to 330,000 won) each.” Said. This is about half of the current price.
However, “I think short-term adjustment is part of the process for the bull market in the long term,” he said. “In the long term, bitcoins can go up to 400,000 to 600,000 dollars per piece (447 million to 670.05 million won).” Added. This means that the cryptocurrency craze continues.
An official from an investment industry in Korea also said, “I don’t think the cryptocurrency craze will be easily extinguished. It has already become a food industry that is recognized by the world in the future.” “I do” he emphasized.
