Bank of Korea chief says crypto has no intrinsic value, expects volatility

Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value – put simply, a measure of what an asset is actually worth. ● Speaking in the National Assembly on Feb. 23, Lee forecast that bitcoin (BTC) will see increased price swings going forward, the local news agency Yonhap reported. ● “It is very difficult to predict the price, but its price will be extremely volatile,” said the bank chief in response to a question from a lawmaker who wanted to know whether bitcoin’s recent bull run, where its price reached a....

Bitcoin’s intrinsic value has been heavily discussed in the crypto community this week following a remark by the governor of the Bank of England suggesting that the cryptocurrency may have no intrinsic value. Does Bitcoin Have Intrinsic Value? Bank of England Governor Andrew Bailey talked about bitcoin’s intrinsic value during a question and answer session with members of the public early this week. “I have to be honest, it is hard to see that bitcoin has what we tend to call intrinsic value,” he was quoted by Reuters as saying. “It may have extrinsic value in....

The president of the European Central Bank (ECB), Christine Lagarde, warned that cryptocurrencies are prone to money laundering. She agrees with the governor of the Bank of England, Andrew Bailey, who recently said that cryptocurrencies have no intrinsic value and investors should be prepared to lose all their money if investing in them. ECB Chief Lagarde Sees Crypto as a ‘Real Risk’ for Investors European Central Bank (ECB) chief Christine Lagarde talked about cryptocurrency Friday during a webinar hosted by the European University Institute. She said: Crypto-currencies....

The members of parliament in Switzerland might be considering bitcoin to be a foreign currency, but the story is just the opposite on the other side of the planet in South Korea. Reports indicate that the Korean government - perhaps unsurprisingly - has decided to not recognize bitcoin as a real and legal tender currency. The news comes as the price of bitcoin is rebounding following a brutal slump this past weekend. Officials at the Bank of Korea say that the volatility of the cryptocurrency is far too high and that it doesn't have intrinsic value. That of course is up to debate, but it's....

There is no shared opinion on whether bitcoins have intrinsic value or not. Some conservative-minded people believe that intrinsic value may only be possessed by seizable assets, although this obviously disregards such inseparable attributes of today’s realities as software or internet. Others assume that intrinsic value is the feature of such commodities as gold or silver because what matters is the way they are perceived and the history they have. The classic example, however, proves that a starving person would definitely attach more intrinsic value to a loaf of bread than to a piece of....