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The cryptocurrency market is greatly influenced by the actions of Elon Musk and his company Tesla. It made a huge profit by disposing of the bitcoin that Tesla had, which said that it had invested in bitcoin on a large scale and made it possible to purchase electric cars with it. Elon Musk clarified, but criticism is being raised around cryptocurrency investors.
This is reporter Jeong Da-eun.
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Tesla announced that it sold 300 billion won worth of bitcoin in its first quarter earnings, making a profit of 110 billion won.
Of the net profit in the first quarter of about 490 billion won, 25% is the bitcoin transaction profit.
In February, the price of bitcoin jumped, revealing that Tesla had bought 1.5 billion dollars and KRW 1.7 trillion of our money.
Tesla played a decisive role in launching the virtual currency market, allowing them to buy their electric cars with bitcoin.
When it turned out that Tesla made a profit by selling Bitcoin in the future, criticism is rising.
In response, Elon Musk explained that he only sold 10% of his bitcoin holdings, but he did not sell any, to prove that Tesla would be okay with bitcoins instead of cash on the books because of its excellent cashability.
However, it is pointed out that cryptocurrencies, including bitcoin, were shown to be very risky investments, such as high prices, at the words of a celebrity.
[Seong Tae-yoon/Professor of Economics at Yonsei University: There is an immediate change in demand and rapid price fluctuations according to the words of some personnel, so if you are not an investor who can tolerate this risk, you need to manage your investment risk... .]
Deputy Prime Minister Hong Nam-ki also warned once again that cryptocurrency is a risky asset with severe price fluctuations and can cause extreme damage.
(Video editing: Seungjin Lee)