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The Future of Bitcoin Bull Run
A South Korean crypto firm CEO, Chung Seok-moon (also known as Peter Chung), believes that the “real” Bitcoin (BTC) “bull run” is yet to start. Chung, the head of the Presto Research Center and former head of research at Korbit, shared his insights in an interview with the newspaper Hanguk Kyungjae.
Bitcoin’s Institutional Journey
According to Chung, Bitcoin is still in its early stages of institutional adoption. He stated that the true bull run for Bitcoin has not commenced yet. With his background in prestigious financial institutions like Nomura, Credit Suisse, and UBS, Chung is optimistic about the future of crypto markets.
Impact of SEC Approval on Bitcoin
Chung highlighted the significance of the United States Securities and Exchange Commission’s approval of Bitcoin spot exchange-traded funds (ETFs) earlier this year. He believes this approval will lead to a substantial influx of funds into the market, enhancing investor accessibility and popularization of Bitcoin.
Traditional Firms and Bitcoin
Chung pointed out that traditional financial asset management companies are now showing interest in cryptoassets to diversify their portfolios. He emphasized that Bitcoin’s low correlation with traditional financial assets makes it an attractive investment option for these firms.
Institutional Adoption and Bitcoin’s Future
Chung predicts that institutional funds will flow into Bitcoin significantly after mid-April. He mentioned that financial institutions typically undergo a “seasoning period” of about three months for new investment products before actively investing. This influx of institutional funds could potentially drive Bitcoin prices higher in the near future.
Overall, Chung is optimistic about Bitcoin’s future growth, especially if Washington decides to gradually ease interest rates, leading to a potential release of more funds into the market.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
