On 11 June, local media experts said cryptocurrencies are "a bad option" of safe haven assets in the COVID-19 pandemic.
The Scoop reported that crypto-assets like Bitcoin (BTC) were not regarded as "safe-have" assets at the level of gold, dollars, or even US, as Professor Hong Ki-hoon of Hongik University said. Treasury bonds. Treasury shares. However, he does not dispute that stock market uncertainty allows more cash to accumulate on the crypto market.
Cryptos are not safe from the Pandemic
Hong from the Hongik University Department of Business Administration says:
"To be free, two requirements must be fulfilled. First, the value of the asset must be low in volatility and second, the value must rise when market volatility is expected to increase. Cryptos therefore do not fulfill the criteria.
The professor argues as to why the crypto volume increased during a coronavirus outbreak:
"The reason for the volume increase after the crashing markets was that the spirit of investment in greater volatility was working to offset the depreciated asset value."
Concerns about South Korea's lack of enforcement
The article also raises questions about 'price manipulation.' It notes that the crypto-environment in the country is not adequately controlled. They claim that the growth of the market today does not ease investors' fears who hesitate to purchase cryptocurrencies.
An anonymous investment expert quoted by The Report, on the other hand, revealed:
"Individual investors are often unable to handle stock risk correctly, but the risk factors of cryptocurrencies are nearly impossible to quantify. Before you spend entirely, you must understand.
South Korea 's Minister of Economic Affairs and Finance said on 27 May they were planning to change the law on income tax – a step that could have an effect on the country's crypto-profitability.
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