In a recent interview with Nathaniel Poppers of the New York Times, Korbit founder and CEO, Tony Lyu, explained, “Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this.”
And “joining the party” seems to be exactly what’s happening.
You’ll recall that Korbit was recently acquired by Nexon, the $10 billion Japanese gaming company founded by South Korean entrepreneur Kim Jung Ju, which is now the second largest cryptocurrency exchange in South Korea (the 16th largest cryptocurrency exchange worldwide). Korbit is the first bitcoin exchange in South Korea, and is currently valued at $150 million U.S..
Two Asian countries that are known to have extremely conservative investors and traders, are experiencing a dramatic and exponential increase in the demand for bitcoin, as the market continues to be optimistic about the mid-term performance of bitcoin.
Two days ago, on 5 November 2017, we saw bitcoin achieve a new all-time high, at $7,598. It’s my assessment, which many analysts and market experts agree with, that the recent influx of conventional investors shifting their funds from the traditional financial industry to bitcoin, could be a major factor in the price increase. The emergence of physical cryptocurrency exchanges, and the increasing liquidity of cryptocurrency, has Asian and Japanese investors selling-off their stocks and real estate holdings to invest in companies involved in the bitcoin space.
Japan’s influence has always been a major factor in the growth of bitcoin, as the first country in which we’re seeing official recognition of bitcoin as a legitimate currency. Today online e-commerce platforms, airlines, retailers, and restaurants in the region accept bitcoin and other cryptocurrencies, and the country’s largest grid operator accepts bitcoin as a currency for all of their products and services.
I believe that this incredible increase from $3,300 to $7,400 in the past month alone, will result in a market correction in the next week to ten days. At that time, we could see bitcoin correct to somewhere between $5200-$5600, before slowing and steadily bouncing back to the $7400-$8400 range by the end of the year.
Cryptocoin News reports that Investors in the US are also optimistic about the launch of a bitcoin futures exchange by CME and CBOE, the two largest global options exchanges. Of particular interest is CME’s bitcoin integration, which is expected to offer significant liquidity for institutional and retail investors, looking to allocate their “money on the sidelines” into bitcoin.
We’re recommending that those interested in seeing the greatest returns on their bitcoin capital, prepare for next week’s market correction, and take advantage of the opportunity to purchase bitcoin.
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