While the Bank of Korea CEO predicted that the high price fluctuations will continue, he claimed that Bitcoin and other cryptocurrencies have no real value.
Bank of Korea CEO Lee Ju-yeol said that Bitcoin and other major cryptocurrencies lack intrinsic value. However, he believes all assets will continue to experience significant price fluctuations.
Price increase due to pro-BTC institutional investors
The CEO of Bank of Korea said that cryptocurrencies, including Bitcoin, have no inherent value. In a recent report, Lee Ju-yeol criticizes the highly volatile nature of the digital asset industry.
“There is no real value in crypto assets,” said Lee Ju-yeol, CEO of BOK at the parliamentary session on February 23.
In the report, it was noted that the lawmakers asked the BOK CEO whether the recent increase in the BTC price was temporary.
“The price is very difficult to predict, but the price will be extremely volatile,” Ju-yeol said.
The bank manager also said that following the recent rise in the price of Bitcoin, other important digital assets could be managed by multiple factors. He emphasized that the recent price hike could be one reason institutional investors use Bitcoin as a hedge.
Ju-yeol also stressed that BOK should not directly buy the bonds issued by the country’s government. Otherwise, this would raise concerns about financial stability and weaken the central bank’s confidence.