Chung Seok-moon, CEO of the Presto Research Center in South Korea, believes that the “real” bull run for Bitcoin (BTC) has not yet started. He stated that Bitcoin is still in its early stages in terms of institutional funds and that the true bull run has yet to begin. Chung’s optimism comes in light of the United States Securities and Exchange Commission’s approval of Bitcoin spot exchange-traded funds earlier this year, which he believes will lead to a significant influx of money into the market.
Chung predicts that traditional financial asset management companies that previously overlooked cryptoassets will now look to participate in the market. He emphasized that Bitcoin offers a low correlation with traditional financial assets, making it an attractive option for asset managers looking to diversify their portfolios. He believes that failing to include Bitcoin ETFs in portfolios would be a possible dereliction of duty for asset managers in the future.
Despite regulatory uncertainty in South Korea regarding BTC spot ETF approvals, Chung is optimistic about the impact of Washington’s approval on the market. He expects that after a “seasoning period” of about three months, institutional funds will begin flowing into Bitcoin in earnest. If Washington gradually eases interest rates, leading to a release of funds, Bitcoin could see a boost in price. Chung also suggested that institutional investors in South Korea embracing crypto could lead to an increase in demand in the nation’s vibrant crypto market.
Chung’s claims align with other experts in South Korea who believe that Bitcoin’s price growth is likely to continue in the future. Analysts have pointed to growing optimism surrounding BTC in the nation as a factor contributing to its price growth. With the approval of Bitcoin spot ETFs by the SEC and the potential participation of traditional financial asset management companies, the stage is set for a significant inflow of institutional funds into the Bitcoin market, potentially leading to a substantial bull run.
Chung’s background as the former head of research at Korbit, South Korea’s first crypto exchange, as well as his experience at prominent financial firms such as Nomura, Credit Suisse, and UBS, lends credibility to his analysis of the crypto markets. His insights into the potential impact of institutional investors and traditional financial asset managers on the Bitcoin market suggest that the future of BTC is promising. As the market continues to evolve and regulatory landscapes shift, the outlook for Bitcoin’s growth appears positive, paving the way for a potential surge in demand and price in the near future.
