[한국금융신문 홍승빈 기자] Major domestic securities companies are releasing analysis reports related to blockchain technology and virtual currency one after another. This is because the interest of individual investors is growing as the related market is growing rapidly.
As the virtual currency market, including Bitcoin, Ethereum, and Dogecoin, is emerging as a hot topic in the global capital market, it is predicted that related industries such as payment methods using block chains and exchange-traded funds (ETFs) will grow rapidly.
According to the financial investment industry on the 13th, domestic securities companies have published 17 virtual currency-related analysis reports this year. This is in contrast to the one published last year.
It is known that there is not yet a place with a researcher who specializes in virtual currency within a securities company. However, as cryptocurrencies are more likely to be accepted as institutional financial assets, an atmosphere is being formed more actively than before.
Until now, virtual currency was classified as a non-mainstream virtual asset and was outside the monitoring scope of securities companies. From the point of view of traditional finance, the cryptocurrency market is difficult to analyze rationally.
In particular, it has been pointed out that it is impossible to measure the proper corporate value (valuation) of virtual assets because the intrinsic value cannot be measured.
However, this year, as investors flocked to the market due to the remarks of Tesla CEO Elon Musk and soared, securities firms appear to have rushed into analysis.
Not only securities companies, but also government authorities announced on the 28th of last month a ‘virtual asset transaction management plan’ to prevent illegal activities related to virtual currency, and began improving related systems.
The Capital Market Research Institute recently formed a task force (TF) and started research on virtual assets such as Bitcoin in earnest. In addition, the Korea Exchange is monitoring the market price of representative virtual currencies such as Bitcoin and Ethereum.
Previously, the Korea Capital Research Institute published its own reports such as ‘Overseas regulatory trends for virtual assets and implications for the establishment of a domestic regulatory system’, ‘International current status and implications related to anti-money laundering of virtual assets’, and ‘DeFi market growth and implications’. I have researched related markets.
In the past, there have been intermittent analysis reports on the virtual currency market in the securities industry. However, this is the first time that a securities company has published an official report on virtual assets with the goal of regular publication.
So far, not only large companies such as Mirae Asset Securities, NH Investment & Securities, Samsung Securities, KB Securities, etc., but also small and medium-sized companies such as Hana Financial Investment, Kyobo Securities, Kiwoom Securities, KTB Investment & Securities, Daishin Securities, Eugene Investment & Securities, DB Financial Investment and Cape Investment & Securities In addition, it has published related reports one after another.
Ha-yeon Son, a researcher at Mirae Asset Securities, said, “The possibility of tightening regulations on cryptocurrencies and high price volatility are factors that increase investment risk, but the market’s interest will continue. We expect to benefit from the growth of the cryptocurrency industry,” he said.
Researcher Sohn said, “Events are scheduled to raise expectations for incorporation into the cryptocurrency system. analyzed.
Kim Jae-yoon, a researcher at KTB Investment & Securities, explained, “Cryptocurrency is becoming a new business vehicle for companies beyond an investment tool for profit margins.” “The biggest change is the shift from decentralization to centralization.”
Researcher Kim said, “Companies started to issue cryptocurrencies directly and began to invade the power of central banks.” He added, “We expect the cryptocurrency ecosystem to gain new momentum through the expansion of issuers and users rather than investors in the near future. ” he said.
However, there are voices calling for caution against excessive interpretation and reliance on virtual currency.
Lim Byung-hyo, a researcher at Korea Investment & Securities, said, “Bitcoin is neither a hedge against inflation nor a substitute for gold.
Researcher Lim said, “As the supply of fiat currency increases over time, it causes a decrease in value, that is, an inflation problem. In contrast, Bitcoin has a limited amount of mining (supply) in advance, so the value increases as demand increases. It is structured to climb.”
He also said, “Since the end of last year, the flow of money and price trends in the Bitcoin and gold markets have been drawing opposite trajectories. It could be, but as the recent moves of the two prove, the two assets have different personalities.”
By Hong Seung-bin, staff reporter [email protected]