'Bitcoin is still undervalued' says Jimmy Song, main session speaker at Bitcoin Seoul 2024
Jimmy Song, who was invited to speak at the Bitcoin Seoul 2024 event in Seoul, South Korea, emphasized the importance of increasing the Korean market's understanding of Bitcoin through Bitcoin-related events. Jimmy Song is a Bitcoin expert who has written five books on Bitcoin, including Programming Bitcoin, and is considered one of the most respected developers in the industry. He is also known for being a hardline Bitcoin proponent who denies the value of all altcoins except Bitcoin.
In an interview with Blockchain, Jimmy Song said that Bitcoin is still undervalued. “Bitcoin's fixed supply, fast payments, cryptographic security, and easy verifiability are all far superior to any fiat currency that has ever existed,” says Jimmy Song, who believes that quantitative tightening by the US Federal Reserve (Fed) has only put the brakes on price growth. He believes Bitcoin will ultimately be the solution to the world's inflationary problems. It could even replace traditional finance. “Most people in the world today need to invest in all kinds of assets, such as stocks, real estate, and even foreign currencies, and Bitcoin has the advantage of not being inflationary,” he explains.
He criticized the South Korean crypto market for being overly skewed toward altcoins. Altcoins account for more than 80 percent of the trading volume in the local crypto market. “Most Koreans don't have a good understanding of Bitcoin,” he said. The Korean crypto market is about five years behind the U.S., and it will take more time for the Bitcoin community to grow to the level of the U.S. “If we focus on altcoins without properly understanding their potential as an alternative to fiat currency, the Korean crypto market will not grow,” he argued.
Jimmy Song emphasized that all of Ethereum's non-decentralized technology is just a ploy to sell Ethereum (ETH). “Ethereum has taken the strategy of attracting people to buy tokens in technical terms,” he said. “The beauty of Bitcoin is that there are a lot of layer 2s being developed, such as Lightning, Liquid, and Mercury layers, and there is no central authority requiring their use.”
That's why he emphasizes the need for more Bitcoin-focused events like Bitcoin Seoul 2024. “There are too many altcoin-related events and altcoin scams have done a lot of damage to Bitcoin's reputation,” he said, adding, “I'm excited to be a part of Bitcoin Seoul 2024, the first Bitcoin-themed conference in Korea, and see how far the discussion goes.”
