World Ch. Schedule : TUE 07:35 KST
* Date : 2018-01-02
Bitcoin craze takes the global financial market by storm
In 2017, virtual currency took the global financial market by storm. Of the many virtual currencies available, bitcoin boasts the highest value, jumping 1600% in price, triggering the latest craze for virtual currency. Bitcoin's popularity was even greater in Korea. One foreign media outlet stated, 'nowhere has the public frenzy been more feverish than in South Korea. They added by saying, 'nowhere more so than in Korea, which has emerged as a sort of ground zero for the global crypto-mania'. To see if the craze will continue in 2018, we'll take a look at its prospects, with our panel of [Foreign Correspondents].
Innovation or gambling? Problems of bitcoin
During the past year, the price of bitcoin skyrocketed. As the price increases, so does the problems. The biggest problem is its instability. As if riding on a rollercoaster, the price of bitcoin is too volatile, and isn't doing its part to be recognized as a real currency, according to experts. Another problem is hacking. While the blockchain trading system of bitcoin is virtually impossible to hack, the virtual currency trading sites are becoming targets of hacking. In addition, there are speculations that North Korea might have been at the center of the recent hacking. Questions remain as to wether virtual currency is indeed a 'very speculative asset', or a 'currency innovation'. This week on [Foreign Correspondents], we'll take a look at the different aspects of the bitcoin cra