Bitcoin Has No Intrinsic Value, Asset Is Too Volatile, Says Bank of Korea Gov...

Bank of Korea Governor Lee Ju-yeol has expressed skepticism over the recent crypto rally, stating that the bank is progressing with a digital currency project. Amid a major downward correction in the cryptocurrency market, the head of South Korea’s central bank is skeptical about digital currencies like Bitcoin (BTC).Bank of Korea Governor Lee Ju-yeol said that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official said that he expects more price swings on the market, stating, “It is very difficult to predict the price, but its price will....

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....

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....

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....

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....