“It’s not safe right now. I gotta tell everybody to get out of the market,” says Bobby Kim mid-interview as he frantically posts to his Twitter page and Naver Band chat rooms about the looming downturn of Bitcoin. As a trader and adviser on Bitcoin Seoul, he has seconds to warn his subscribers and followers to buy or sell. The market gets increasingly tricky to read when banks swoop in to buy big on the dip, he says. Later that day, July 25, the market dropped 10% before rebounding.
Investing in digital currencies is a 24-hour roller coaster, and South Koreans appear to be riding that thrill. Even the government and major banks are in on the action. The price of Bitcoin is skyrocketing due to a stronger demand from Asia, and South Korea is the third-largest market in the world.
“When things start going to the moon, Koreans buy more than everyone else. It’s a much more extreme fluctuation,” says Kim.
Buying and selling Bitcoins has always been a risky venture, however, the media can determine the direction the market goes. When big players in the market take to the media, there are always beneficiaries and losers. You need to tread with care when buying or off-loading any digital currency.
Nice
I think because of its growth