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Bitcoin investment gaining traction By Lee Kyung-min Bitcoin has quadrupled in value over the past year, increasingly emerging as a new vehicle of investment on the back of continued global uncertainty concerning the COVID-19 pandemic and volatile oil prices. The uptrend is driven in part by institutional investors seeking to diversify their asset portfolios, a robust move sustained by individual retail investors who believe the digital currency would not be embraced by the large group of global market participants known to prioritize long-term stability over short-term profit unless they have a solid earnings prospect. The year-long price spike in the once-frowned-upon method of investment is considered largely a vindication by many investors long criticized for engaging in digital transactions that some deem unsafe, akin to gambling and even morally questionable. ....
By Lee Kyung-min Bitcoin is back in spotlight as it has continued an upward spiral amid lingering uncertainty caused by the fallout of the COVID-19 pandemic, sparking debate over the future course of the digital currency. Opinion is split over whether bitcoin could replace gold as a safe haven asset. Some say this is possible since the gold price has peaked and bitcoin is increasingly being embraced by institutional investors who tend to seek stability over short-term profit. Others say this claim lacks merit because the speculative asset with high price volatility has a variety of operational risks. Bitcoin has fallen precipitously in the past few days and is hovering at around $18,000 (19.6 million won) after hitting an all-time high of $19,462.14, Dec.3 (local time). During 2020 the value of the cryptocurrency has risen about 170 percent. ....