“Purchased a large amount of Bitcoin for 500,000 won”…The identity of ‘this man’ who holds it without selling it

The price of Bitcoin has surpassed $88,000 (about 123 million won) and is breaking all-time highs every day.

While it has been rising even steeper since Donald Trump won the US presidential election, Korea’s leading Bitcoin advocate and evangelist, Professor Oh Tae-min (Konkuk University Graduate School of Information and Communication, Department of Blockchain) is also becoming a hot topic.

Purchased a large quantity for 500,000 won in 2014… “It went up more than 200 times, but the important thing is that it didn’t sell.”

Professor Oh Tae-min (pictured) became interested in Bitcoin 10 years ago when he saw the news that Japanese cryptocurrency exchange Mt. Gox went bankrupt while watching foreign news.

Afterwards, after searching foreign Bitcoin papers, he became convinced that the United States would eventually have no choice but to embrace Bitcoin, so he revealed that he purchased a large amount of Bitcoin, which was worth 500,000 won at the time.

He said, “I bought Bitcoin in 2014 and did not make any additional purchases after that,” and “It is true that I made a profit of about 200 times. “But what is more important than the rate of return is that we have held Bitcoin, which has high volatility, for 10 years.” In particular, he emphasizes that “Bitcoin can be purchased by anyone, but it is difficult to hold for more than 6 months due to its high volatility,” and that it should be approached as a long-term investment rather than a short-term investment.

Professor Oh compared virtual currency to real estate investment and said, “Bitcoin is an apartment in Gangnam, and Ethereum is an apartment in Bundang. “Altcoins are land near the cease-fire line,” he said. “If unification occurs, land prices around the cease-fire line will skyrocket, but unification may not be possible forever.”

For this reason, we emphasize that we must ultimately focus on investing in Bitcoin.

He said, “When Bitcoin correction comes, you have to hold Bitcoin with money that seems a little excessive. This is because if you invest in Bitcoin now, you will suffer less. If Bitcoin breaks through 300 million won, will it be possible to not buy it and hold on? “If you buy it in a hurry, you could suffer for three years,” he advised.

Professor Oh Tae-min said in a discussion with a broadcaster before the results of the US presidential election were announced, “Since there is a Bitcoin halving this year, it coincides with the US presidential election. So, it is time for the Bitcoin price to exceed 200 million won by the first half of next year and then even reach 250 million won. However, if former President Trump is elected, there is a possibility that this will be reflected all at once,” he said.

US government holds 200,000 Bitcoins… There is no data that the Korean government has.

Professor Oh argues that the Bank of Korea and the National Pension Service should also increase their proportion of Bitcoin.

He cited the U.S. government as an example and said, “The U.S. has 200,000 Bitcoins. It wasn’t bought by the government. “We confiscated more than 500,000 items from criminals involved in drug trafficking, money laundering, and similar transactions, and nearly 300,000 of them were thrown into the market,” he said.

He said, “When the market is as good as it is now, the U.S. government sells.” He added, “This year, the price of Bitcoin exceeded 100 million and then suddenly fell, so we were at a loss for a while, and one of the most crucial reasons is that the German government sold 50,000.”

He continued, “There is no data showing that the Korean government has Bitcoin,” and “Bhutan also has 15,000 Bitcoin.” “Bhutan has been mining Bitcoin knowingly or unknowingly thanks to hydroelectric power generation,” he said.

He also argues that our government should approach Bitcoin from the perspective of viewing it as a battle for leadership in a new industry. Professor Oh said, “If you look only at investor protection, it is helpful to protect the people’s assets by being very conservative like now and, if possible, not including assets whose prices fluctuate rapidly like this.” He added, “If this is interpreted as a new industry, we need to change our stance.” “We do it,” he emphasized.

In particular, “There is such an uproar right now because Trump said he would not sell the 200,000 coins that the U.S. has but rather stockpile them. What that means is that Bitcoin and virtual assets have been defined as a new industry in the U.S.,” the Korean government also said. He insisted on joining the trend of a new era.

Enlarge photo US President-elect Trump.[사진=AP연합뉴스]