February 4, 2023

In 2020, analysts expect an increase in cryptocurrency market capitalization

In 2020, analysts expect an increase in cryptocurrency market capitalization

Heads of South Korean cryptocurrency exchanges Bithumb, Korbit and Hanbitco believe that in 2020 the cryptocurrency market will show itself better than this.

During a panel discussion at a conference in Seoul, all three executives emphasized that next year there will be new demand for cryptocurrencies from institutional investors and millennials.

Seonil Moon, director of communications at Bithumb, said:

“According to our internal research,institutional investors included crypto assets in their portfolios in 2019 as a test, and the results were satisfactory. In 2020, they will go beyond the scope of this testing and begin to create new demand for cryptocurrencies. ”

Head of Business Development, Korbit Jung Sok Moonadded that along with institutional investors, the arrival of millennials in the cryptocurrency market will increase demand in the longer term.

“According to Charles Schwab, Grayscale's GBTC has become one of the most popular assets in millennial portfolios. This means that millennials see bitcoin as a real asset. ”Jung said.

Hanbitco CEO Wonjo Heo emphasized that significant progress has been made in regulation in 2019. He said:

“Now, thanks to institutionalization and better regulation, the development of honest exchanges and blockchain projects has become possible. In 2020, better projects will enter the market. ”

In the crypto industry, regulators in South KoreaComply with the standards set by the Financial Action Task Force (FATF). In general, exchange managers positively assess the actions of the South Korean government to regulate the crypto industry.