Bitcoin Breaks 100 Million Won Barrier, Analysts See 'Rally Just Beginning'

Bitcoin's price has surged over 16% in just two days, breaking through the 104 million won mark on South Korean exchange Bithumb. According to CEO Baek Hoon-jong of SmashFi, this rally is only just beginning.

The basis for his bullish outlook lies in the growing adoption of tokenization, where real-world assets such as stocks and real estate are converted into digital tokens that can be bought and sold on a blockchain. As the market for trading these tokens expands, Baek believes Bitcoin will become the network through which they are settled.

This vision of Bitcoin as the 'base layer' is based on its simple architecture, which Baek sees as an advantage over more complex blockchains like Ethereum and Solana. He argues that instead of embedding every function into Bitcoin itself, stablecoins and payment services can be layered on top, allowing for faster and more secure transactions.

However, the outlook that Bitcoin will dominate this market remains unverified, with other blockchains competing for a role in settling tokenized assets. The extent to which Bitcoin is actually adopted as financial infrastructure will be a key variable in future price movements.