As reported by local news agency Yonhap on Tuesday, while speaking at the National Assembly Lee stated that he was expecting more price swings. According to him, “it is very difficult to predict the price, but its price will be extremely volatile.”
He gave several reasons why cryptocurrencies have garnered a lot of media attention and shot to new highs in recent times, citing factors such as rising concerns over excessive inflation and the growing interest from institutional investors. Lee remarked:
Meanwhile, the United States Treasury Secretary Janet Yellen had earlier criticized Bitcoin, calling it an “extremely inefficient way of conduction transactions.”
Although government officials seem to oppose the idea of cryptocurrencies, several governments are considering working on central bank-backed digital currencies.
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Source: Cryptocurrency - investing.com
