Mirae Asset Chairman Casts Doubt on Bitcoin, Calls Crypto Listings ‘Fraud’

Mirae Asset Group Chairman Park Hyeon-joo has voiced a strongly negative view on Bitcoin investment, saying that few people have made money from the cryptocurrency and that many have suffered severe losses. Speaking during a meeting with employees of DigitalX, the group’s digital asset subsidiary, in Seoul on Tuesday, Park also criticized the listing practices of South Korean virtual asset exchanges, describing them as fraudulent.

Park’s Critique of Bitcoin and Crypto Trading

Park, who also serves as the group’s global strategist, said he did not understand why people were investing in Bitcoin, even taking out loans to do so. He stressed that the same speculative approach should not be applied to stocks or any other asset class. His remarks reflect a cautious stance shared by some traditional financial leaders, who have repeatedly warned about the volatility and lack of intrinsic value in cryptocurrencies.

Park’s comments come at a time when Bitcoin has experienced significant price swings, attracting both retail and institutional investors. While some have profited, many have faced substantial losses, particularly those who entered during peak periods. Park’s assertion that “almost no one” has made money is a strong statement, but it aligns with a broader narrative of caution among legacy financial institutions.