Mirae Asset Chairman Slams Bitcoin and South Korea's Crypto Exchanges

Mirae Asset Group Chairman Park Hyeon-joo expressed skepticism about Bitcoin investment, stating that few people have made money from it and many have suffered significant losses. Speaking to employees of DigitalX, a subsidiary of Mirae Asset's digital asset unit, he questioned why people invest in Bitcoin, even going so far as to take out loans for this purpose.

Park emphasized that the same speculative approach should not be applied to stocks or other asset classes, reflecting a cautious stance shared by some traditional financial leaders who have repeatedly warned about the volatility and lack of intrinsic value in cryptocurrencies. His comments come at a time when Bitcoin has experienced significant price swings, attracting both retail and institutional investors.

Park also criticized the listing practices of South Korean virtual-asset exchanges, describing them as fraudulent. He noted that hundreds of altcoins were listed without hesitation, resulting in many customers facing losses. Park argued that charging fees for such activity was a form of criminal behavior.