Park Hyeon-joo, chairman of Mirae Asset Group, spoke to employees of DigitalX in Seoul on Tuesday. He made it clear that he sees Bitcoin as a bad bet. He also accused South Korean crypto exchanges of listing coins negligently, and called the practice fraudulent.
A Skeptical View on Bitcoin
Park said he finds it hard to understand why people invest in Bitcoin, especially with borrowed money. He warned that the same speculative approach should not be applied to stocks or other assets. Very few Bitcoin investors have actually made money, he argued, while many have suffered heavy losses.
His comments follow years of caution from traditional finance leaders. Bitcoin remains highly volatile, and the question of intrinsic value is still unsettled. Because Park runs one of South Korea’s largest financial groups, his words carry extra weight.
DigitalX’s Capital Plans and Tokenization Goal
Park also shared details about DigitalX. If the subsidiary turns profitable, it plans an additional capital increase in the first quarter of next year. The size would be between 200 billion won and 300 billion won ($149.8 million to $224.7 million), aimed at strategic investors. A third-party allotment could follow, depending on market conditions.
Mirae Asset holds 1,500 trillion won in assets under custody, and Park expects those assets to be digitized. He predicted DigitalX could reach profitability by 2027 if it pushes ahead with capital increases and global investments. Part of that vision includes security token offerings. Park mentioned the idea of fractionalizing stakes in major companies like Samsung Electronics and SK Hynix, which he thinks could create a large market.
But he stayed cautious on cross-border decentralized finance. Countries such as South Korea, which guard their monetary policy and currency sovereignty, would probably resist DeFi that weakens those powers.
Exchanges Accused of Fraudulent Listings
Park was more blunt about South Korean exchanges. He said hundreds of altcoins were listed on local platforms without hesitation. From his perspective, that was fraud. He added that listing low-quality coins, where 80% to 90% of customers lose money, cannot be called success. Charging fees for those listings despite knowing the harm, he said, is criminal behavior.
The remarks come as South Korea tightens rules around virtual assets. Exchange listing standards have long been questioned, and Park’s comments could increase pressure for reform.
Why It Matters
Park’s skepticism matters because of his position. His views on Bitcoin may affect investor sentiment, and his plans for DigitalX point to a future built around tokenized assets and STOs, not speculative trading.
For investors, his warnings highlight the dangers of poorly regulated exchanges. For the crypto industry, they add to a growing call for transparency and stronger investor protection.
