Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Bitcoin prices top 16 million won
By Jhoo Dong-chan
By Jhoo Dong-chan
Bitcoin's price has climbed to the 16 million won ($13,816) mark for the first time this year thanks to Facebook's recent announcement it would introduce its own cryptocurrency in 2010, a domestic crypto exchange said.
According to domestic crypto exchange Bithumb, Thursday, bitcoin exceeded the 16 million level during the day and landed at 15.6 million won per coin as of 3 p.m., up 3.58 percent from a day before.
Prices of virtual coins, including bitcoin, had stagnated at the 4 million won to 5 million won range for about five months this year since December. Other cryptocurrencies such as Ethereum and Ripple also nosedived over 90 percent from their peaks.
This was in stark contrast to its heyday when it reached its all-time high of over 20 million won when the bitcoin frenzy struck the country in early 2018.
However, the virtual coin's prices suddenly climbed to 10 million won on May 27 following a series of moves to bring the virtual coin into the financial system.
It only took a month to breach the 16 million won level.
The Facebook's announcement led the virtual coin's recent rally.
The world's largest social media platform said this week it will introduce its own virtual currency ― Libra ― with a few dozen partners including Visa, Mastercard, PayPal and Uber next year.
Utilizing the platform that is visited by around one-third of the world's population monthly, Facebook said consumers will use Libra to make everyday financial transactions such as paying bills, buying things and sending money to family members abroad.
Facebook said it will first get rid of wire transfer fees between countries via its virtual coin. The global wire transfer market is estimated at around 713 trillion won.
Following Facebook's announcement, financial investment bank behemoth JP Morgan Chase also announced the plan to develop its own cryptocurrency ― JP Morgan Coin.
JP Morgan Chase Chairman Jaimie Dimon had been one of the hawkish bitcoin skeptics who once said virtual coins are a “scam.”
Market observers said the crypto coin rally will continue throughout the year.
“These coins are finally set to become a part of the financial system. The move was inevitable,” former Gifto Korea CEO Park Dong-hui said.
“These coins are not really influencing our everyday lives at the moment. Once it finds its place in our daily lives, its blockchain technology and coins will change everything.”