Yuri, whom I hadn’t seen in a while, looked even prettier.
She was wearing a white T-shirt paired with a polka-dotted flare skirt, and her light blonde hair was tied up with a ribbon.
Maybe because she had makeup on, she appeared a bit more mature than usual.
After a moment, Yuri spoke up.
“Wow, I see. So you’re dating that foreign girl, huh?”
She didn’t seem too surprised. In fact, her reaction suggested she had expected it to some degree.
“I thought so when we met last time.”
“Really?”
Yuri curled a strand of her blonde hair around her finger.
“Well, when two people meet, it’s possible for them to date, right?”
I awkwardly smiled.
“Yeah, that’s true.”
“And then they might break up.”
“Huh?”
Yuri smiled and stood up.
“Anyway, let’s watch a movie today.”
“Sh-should we?”
We entered the cinema to watch the movie we had booked in advance. Since it was a weekday afternoon, there weren’t many people around.
For some reason, I found it hard to concentrate on the movie.
How much time had passed since it started? When I glanced over, I saw that Yuri was crying.
I was taken aback.
“Whoa! Why are you crying?”
Yuri wiped her tears with the back of her hand and said, “The movie is just so sad.”
“…….”
On the screen, giant robots were fiercely battling each other.
Is she emotionally invested in the robots?
After the movie ended, I took Yuri home after we had eaten.
I handed her the shopping bag I had placed in the back seat.
“What’s this?”
“It’s a smartphone. I got it from Chairman Im Jin-yong.”
Yuri nodded.
“Oh! I saw the article. They said Chairman Im bought it directly at the store, right?”
Our appearance at Seosung Digital Plaza was even reported by foreign media. From Seosung Electronics’ perspective, they enjoyed the publicity without spending a penny. Or maybe, from Chairman Im’s perspective, it was a million-won expense?
“He told me to share it with close friends.”
Yuri immediately unwrapped the packaging and pulled out the phone.
“Wow! It’s rose gold.”
“You like this color.”
When we went to buy the L6 together before, Yuri wanted to get a rose gold one but couldn’t because it was out of stock. So, I purposely brought this one for her.
“You remembered. Thank you.”
“Well, I’m not the one giving it to you. Thank Chairman Im, not me.”
“Still, you’re the one who gave it to me, so I want to thank you.”
As Yuri got out of the car, she asked,
“Are you going to marry Ellie unnie?”
“Huh?”
What does that mean?
Yuri smiled brightly.
“Just kidding. Then see you next time, senior.”
“Get home safe.”
I simply watched Yuri’s back as she entered, thinking.
Is this how it ends well?
***
I crossed over to the Golden Gate Building with Taek-gyu. In the branch manager’s office were Hyun-joo and Ellie together.
I handed a shopping bag to Ellie.
“Here you go.”
“What is this?”
“It’s a smartphone from Seosung Electronics. Chairman Im Jin-yong is giving them out.”
Ellie was delighted.
“Really? I was just thinking I wanted one while watching an ad.”
Taek-gyu placed the shopping bag on the desk.
“I’ve got one for you too.”
Hyun-joo closed the documents she was looking at.
“I don’t want to deal with transferring data.”
“I’ll help you, unnie. These days, it just takes a few taps.”
Taek-gyu switched the SIM card and transferred the data. As if that wasn’t enough, he even neatly applied a screen protector.
Anyone would think he was an employee of Seosung Electronics.
The desk and coffee table were piled high with documents.
“What’s all this?”
Hyun-joo asked, speaking with a cigarette in her mouth.
“These are reports on cryptocurrencies published by global investment banks.”
I was quite surprised.
“Really?”
Just a few months prior, global investment banks showed little interest in cryptocurrencies. But now, the situation had changed.
The market cap had exceeded $200 billion, becoming a market that no one could ignore. Some experts predicted that the cryptocurrency market size would surpass $1 trillion within a year.
“It’s not just IBs. The Chicago Options Exchange (COBE) is considering futures trading for Bitcoin.”
“Once it seems profitable, everyone starts to move.”
Ellie said with a sad look.
“I’ve been working overtime for days just to watch this. Jinhoo, say something!”
“Me?”
What power do I have?
I picked up something at random.
It was a report issued by Merrill Lynch. It contained concepts about blockchain, along with detailed features and graphs of each coin.
There were also reports from JP Morgan, Morgan Stanley, Merrill Lynch, Nomura Securities, Golden Gate, and domestic securities firms.
“What do you think after reading it?”
“I understand the concepts of blockchain and cryptocurrency. But I don’t get why the prices are rising.”
“Honestly, I don’t understand either.”
As prices rise, buying pressure follows, leading to continuous price increases.
Current economic theories cannot explain the present skyrocketing of cryptocurrencies.
Perhaps for this reason, most economists and investment experts hold a negative view toward the crypto craze.
Golden Gate is no exception.
Chase Southwell, the head of the Asia branch, stated that cryptocurrencies are a massive bubble, and he would never invest in related products.
Hyun-joo, while smoking, asked, “How much longer do you think this will last?”
“Well, nobody knows that.”
Just as one only realizes it’s spring after flowers have fallen, people acknowledge the bubble only after a crash occurs. If there’s no crash, it’s not a bubble.
The problem is there’s no assessment standard for the value of cryptocurrencies. Indicators like PBR, PER, and ROE, used in stock markets, are completely meaningless here.
In some ways, it may hold no value at all, and in other ways, it could possess immense value.
As the market grew, new Initial Coin Offerings (ICOs) became actively developed, similar to the procedures of a stock IPO.
Various new coins emerged. Once they settled in the market, it wasn’t unusual for their values to multiply several times over.
With the emergence of new coins, the share of Bantcoin has been gradually decreasing. However, as the largest single coin, it still reigns as the base currency in the cryptocurrency market.
Taek-gyu handed the newly finished phone, after the data transfer, to Hyun-joo and Ellie.
“Right now, kids playing games and those gambling are all crazed over coins.”
“Why poker?”
“There are kids making money playing Texas Hold’em on online gambling sites.”
To outsiders, poker might seem like a game of chance, but it is actually more like a brain sport that requires skill beyond luck.
In one or two games, a lucky beginner might win money, but over multiple games, it’s the skilled players who come out on top.
That’s why there are professional poker players and world championships.
But…
“Isn’t that illegal?”
“They access foreign gambling sites. They even organize groups to run poker rooms.”
South Korea has strict laws regarding gambling.
There is only one casino for locals in Jeongseon, Gangwon Province; all other types of casinos are illegal. The same goes for online casinos.
In contrast, some countries allow online casinos.
However, regardless of whether it’s a legal site abroad, it’s illegal for locals to access and play there. Just like foreign-made pornography is illegal in our country.
“Because these sites are accessed by poker players from all over the world, the process of transferring betting funds became quite complicated. It took a long time for approvals. So some sites have been substituting remittances with Bantcoin for a long time.”
This situation was similar in the international market for trading game items.
As a result, people accessing gaming or gambling sites were relatively exposed to cryptocurrency first.
Tak-gyu also obtained Bitcoin while disposing of game characters and items during a time when he didn’t even know what cryptocurrency was.
“There are already kids making tens or hundreds of billions. Just yesterday, a kid who was playing poker in a small room is now driving a Bentley or Lamborghini.”
It’s no longer a dream that coins bought for 1 or 2 won have surged dozens of times, resulting in a windfall.
Sitting in front of a computer playing poker all day, earning double is difficult. However, cryptocurrencies could earn that amount several times over in just a few days.
Even though online gambling is illegal, cryptocurrencies are legal!
As users moved to cryptocurrency exchanges, gambling sites faced significant difficulties due to a decrease in users.
Despite government crackdowns, gambling sites that previously went undetected had to shut down thanks to cryptocurrency.
Hyun-joo looked incredulous.
“The world is going mad.”
“Wasn’t it the same when the internet first emerged? Who could have imagined online shopping and financial transactions?”
“Is blockchain and cryptocurrency really that significant?”
“What’s important is that there are people who believe it.”
The price is determined not by how much value I assign, but by how much value others assign.
The cryptocurrency craze is a global phenomenon, but South Korea was particularly enthusiastic.
Cryptocurrency prices do not correlate between individual exchanges. Thus, even for the same coin, there can be discrepancies in amounts between exchanges.
Interestingly, cryptocurrency prices are notably higher in South Korea compared to other countries. Looking at Bitcoin alone, it is currently more than 7% expensive compared to the U.S. price, and other coins are traded at approximately 5-10% higher.
This was referred to as the “Kimchi Premium,” and it attracted interest from abroad regarding South Korea’s irrational enthusiasm.
“Why is it only traded so expensively in Korea?”
“First of all, the most important reason is that arbitrage is blocked.”
Even with identical products, prices can vary across markets for various reasons. In this case, one buys products in cheaper markets and sells them in more expensive ones, which is called arbitrage.
As arbitrage continues, buying in the cheaper market raises the product price there, while selling in the expensive market lowers the price, leading to a degree of price similarity between the two markets.
Theoretically, you can buy a cryptocurrency like Bitcoin in less expensive exchanges in the U.S. or Japan and sell it in the more expensive Korean exchange to profit from the price difference.
However, using foreign exchanges requires opening accounts abroad and wiring money, which is not easy and incurs exchange and transfer fees.
Moving Bitcoin bought from a foreign exchange back to a Korean exchange is the same. Considering the time and fees, there is not much difference in total costs from buying directly in Korea.
Supply from abroad is limited while demand continues to increase, leading to rising premiums.
“As long as prices keep rising, the premium shouldn’t be a problem.”
Right now, it’s truly a bull market. Any coin you buy will increase in value.
Unlike the stock market, which only operates on weekdays from 9 AM to 3:30 PM, the crypto market is open 24/7.
Plus, there are no disclosure systems or various regulations, and there are no price limits either. Prices can really rise or fall multiple times in a single day.
At this point, it resembles a high-stakes gambling game.
No wonder gambling sites are going bankrupt one after another.
Hyunjoo, looking disappointed, said, “Should I have invested when I had the chance?”
When K Company decided to invest heavily in cryptocurrencies, Hyunjoo expressed serious concerns about the market’s unpredictability.
But rather than crashing, an unbelievable surge occurred afterwards, far surpassing any stock market increases.
Thanks to that, we’ve already made multiple profits.
Hyunjoo, looking troubled, crushed her cigarette in the ashtray.
“Is it okay to invest now?”
“Well, even though the market size has grown, it still can’t compare to stocks or bonds. Even combined, all the Bitcoin and altcoins don’t reach Seosung Electronics’ market cap.”
Hearing this, Taekgyu chimed in.
“I used to think it was insane when 1 Bitcoin was over a thousand dollars.”
“The phrase ‘the largest bubble since the dot-com bubble’ wasn’t coined for no reason.”
It may be smaller than the stock market, but if you look at the rise of individual coins, it’s at a level that’s even greater than the dot-com bubble.
Where will this bubble ultimately end?
“Maybe the real rise just begins now. Investing only a portion of managed assets wouldn’t be a bad idea.”
“Hmmm.”
Hyunjoo still looked skeptical. Then Taekgyu said,
“Listen to Jinhoo, noona.”
Ellie agreed.
“Right. When has listening to Jinhoo ever led to a loss?”
Hyunjoo, thinking hard, nodded her head.
You can’t just push clients’ money into an uncertain market. Fortunately, the Korean branch has managed to secure some cash.
Hyunjoo gathered 30 billion won from the money obtained by selling bonds and retained earnings. She quietly bought Bitcoin and altcoins that were preparing for ICOs.
