‘Real BTC Bull Run Is Yet to Begin’ – South Korean Crypto Chief
The “real” Bitcoin (BTC) “bull run” is yet to start, a South Korean crypto firm CEO has claimed.
The comments came from Chung Seok-moon (also known as Peter Chung), the head of the Presto Research Center, in an interview with the newspaper Hanguk Kyungjae.
Chung is the former head of research at Korbit, South Korea’s first crypto exchange. He has also previously worked for Nomura, Credit Suisse, and UBS. He said:
“Bitcoin is still just taking its first steps in the world of institutional funds. The real bull run has not even begun yet.”
Chung, who moved to Presto from Korbit last month, said he was “quite positive” about the future of the crypto markets.
He agreed that the United States Securities and Exchange Commission’s approval of Bitcoin spot exchange-traded funds (ETFs) earlier this year had been a watershed moment for the coin. He explained:
“The approval of the Bitcoin spot ETF has brought about a tremendous change in the market. There may be a [temporary] decline due to [various factors]. But […] there is a high possibility that large amounts of money will now start flowing into the market.”
Chung claimed that the SEC’s approval would “have a significant positive impact on investor accessibility and popularization.”
Many have called on South Korean regulators to follow suit with their own BTC spot ETF approval.
However, regulators have categorically ruled out any such move until April 10’s parliamentary elections.
Regardless, Chung appears to believe Washington has now opened the floodgates for a “real BTC run.”
Chung argued that “traditional financial asset management companies that have not paid much attention to cryptoassets” in the past will now look to “participate in the market.” He said:
“Basically, asset
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