Park Hyeon-Joo Criticizes Bitcoin Investing on Credit: "You Shouldn't Put All Your Assets Into It"

[Financial News] Park Hyeon-Joo, chairman of Mirae Asset Financial Group, issued a strong warning about the overheated rush into Bitcoin investing. He said, "Almost nobody has made money from Bitcoin. It is almost at the level of total ruin."

On the 26th, Park made the remarks during a meeting with employees of Digital X, formerly Korbit, at Four Seasons Hotels and Resorts in Jongno District, Seoul.
He also drew a line at investing with borrowed money. Park said, "I don't understand why people would invest in Bitcoin after taking out loans," adding, "You shouldn't do that with stocks either. No asset should be traded in that way."
He also said Mirae Asset would demonstrate its global investment capabilities. Park stated, "Mirae Asset will make a wide range of investments around the world," and added, "We will show crypto-loving customers that there are other ways to generate strong returns."
He then said virtual asset investing should be approached cautiously and in limited amounts. Park said, "For coin investments, I would tell people to keep it to about one-tenth and to consider other paths."
On stock investing, he stressed that the focus should be on long-term growth. Park said, "Stocks should be treated like venture investments." He added, "There is no other company, besides Mirae Asset, that holds SpaceX shares, right? Even if we take losses, we should take them proudly at Mirae Asset."
He also outlined a plan to nurture Digital X. Park said, "I hope Digital X grows into a global investment platform," adding, "We have already completed a 50 billion won capital increase, and we are planning another in-kind capital increase." He also said, "Going forward, we will raise another 200 billion to 300 billion won from strategic investors, and depending on the situation, we may boldly give customers who trade on Digital X a chance to participate in the capital increase as well."
He also took a critical stance on listing practices at virtual asset exchanges. Park said, "There are a great many things virtual asset exchanges should be criticized for." He added, "Virtual asset exchanges have casually listed altcoins, and there are 300 of them on Korean exchanges alone. I think that is fraud."
He urged employees to embrace change. Park said, "I don't think you came to a virtual asset exchange after graduating from a good university just to do that kind of work," and added, "Let's look at reality coldly and fix what needs to be fixed."
Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, acquired a 97.15% stake in Korbit last month for about 141.4 billion won. Korbit was later renamed Digital X.


[email protected] Han Seung-gon Reporter