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<p><a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a><br><img src="https://bitcoinworld.co.in/wp-content/uploads/mirae-asset-chairman-bitcoin-criticism.jpg" style="display: block; margin: 1em auto"><br><a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/mirae-asset-chairman-bitcoin-criticism/">Mirae Asset Chairman Casts Doubt on Bitcoin, Calls Crypto Listings ‘Fraud’</a></p>
<p>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.</p>
<h2 id="park-s-critique-of-bitcoin-and-crypto-trading">Park’s Critique of Bitcoin and Crypto Trading</h2>
<p>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.</p>
<p>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.</p>
<h2 id="digitalx-and-future-capital-increase">DigitalX and Future Capital Increase</h2>
<p>During the meeting, Park also discussed DigitalX’s business plans. He said that if the company turns profitable, it plans an additional capital increase in the first quarter of next year, worth between 200 billion won and 300 billion won ($149.8 million to $224.7 million), aimed at strategic investors. Depending on market conditions, Park said the company may also offer a third-party allotment opportunity to customers doing business with DigitalX.</p>
<p>Park highlighted that Mirae Asset holds 1,500 trillion won ($1.12 trillion) in assets under custody, and that these assets will be digitized. He expressed confidence that DigitalX could achieve profitability by 2027 if the company moves aggressively on capital increases and makes diverse global investments.</p>
<h3 id="sto-and-rwa-a-potential-huge-market">STO and RWA: A Potential Huge Market</h3>
<p>Park also pointed to the potential for security token offerings (STOs) by fractionalizing stakes in major companies such as Samsung Electronics and SK Hynix. He said a huge market could open for STOs, and that DigitalX should evolve beyond conventional virtual-asset trading into an onchain finance platform spanning real-world assets (RWA) and STOs.</p>
<p>This vision aligns with a growing trend in the financial industry, where traditional assets are being tokenized to increase liquidity and accessibility. However, Park’s stance on cross-border decentralized finance (DeFi) was cautious, arguing that countries with monetary policy and currency sovereignty, including South Korea, would be unlikely to allow cross-border DeFi that weakens those powers.</p>
<h2 id="criticism-of-exchange-listing-practices">Criticism of Exchange Listing Practices</h2>
<p>Park was particularly critical of past listing practices at virtual-asset exchanges. He said that hundreds of altcoins listed only on South Korean exchanges were added without hesitation, and from his perspective, amounted to fraud. He argued that it could not be considered success for a company to make money by listing low-quality coins that leave 80% to 90% of customers with losses. He added that charging fees for such activity despite recognizing the problem was criminal behavior.</p>
<p>These remarks echo concerns raised by regulators and industry observers about the lack of due diligence in listing processes on some exchanges, which have led to significant investor losses. South Korea has been tightening regulations around virtual assets, and Park’s comments may add to the pressure on exchanges to improve their listing standards.</p>
<h2 id="why-this-matters">Why This Matters</h2>
<p>Park Hyeon-joo’s statements are significant because he leads one of South Korea’s largest financial groups, with substantial assets under custody. His negative view on Bitcoin and his criticism of exchange practices could influence investor sentiment and regulatory discussions in the country. Additionally, his focus on STOs and RWA suggests a strategic direction for DigitalX that could shape the future of digital asset offerings in South Korea.</p>
<p>For investors, Park’s warnings serve as a reminder of the risks associated with cryptocurrency trading, especially in unregulated or poorly regulated exchanges. For the industry, his comments highlight the need for greater transparency and investor protection.</p>
<h2 id="conclusion">Conclusion</h2>
<p>Park Hyeon-joo’s remarks reflect a cautious and critical perspective on Bitcoin and the broader cryptocurrency market. While he sees potential in tokenized assets like STOs, he remains skeptical of speculative trading and the practices of some exchanges. As DigitalX moves forward with its plans for capital increases and onchain finance, the industry will be watching to see how these views translate into action.</p>
<h2 id="faqs">FAQs</h2>
<p><strong>Q1: Why did Mirae Asset Chairman Park Hyeon-joo criticize Bitcoin?</strong><br>Park said that few people have made money from Bitcoin and that many investors have suffered ruinous losses. He also expressed concern about people taking out loans to invest in the cryptocurrency.</p>
<p><strong>Q2: What are DigitalX’s future plans?</strong><br>DigitalX plans to raise 200 billion to 300 billion won ($149.8 million to $224.7 million) in the first quarter of next year, subject to profitability. The company aims to become an onchain finance platform focusing on real-world assets and security token offerings.</p>
<p><strong>Q3: What did Park say about South Korean crypto exchanges?</strong><br>Park criticized the listing practices of South Korean exchanges, saying that many altcoins were listed without hesitation and that charging fees for listing low-quality coins, which leave 80% to 90% of customers with losses, was criminal behavior.</p>
<p>This post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/mirae-asset-chairman-bitcoin-criticism/">Mirae Asset Chairman Casts Doubt on Bitcoin, Calls Crypto Listings ‘Fraud’</a> first appeared on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.</p>

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

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