Chapter 67
Translator: Dreamscribe
Bitcoin.
It is the first cryptocurrency created in 2009 by a developer under the pseudonym Satoshi Nakamoto.
A completely digital currency with no physical form, it was designed to operate without the control of any central authority, bank, or government.
The core technology behind Bitcoin is what’s known as the blockchain.
All transaction records are distributed and stored across a global network of computers, making forgery or hacking extremely difficult.
“Bitcoin is a new currency in the digital world, managed by mathematical algorithms and a global computer network. In other words, it’s money without physical substance.”
“Wow. But how is this being traded at 400 dollars? I mean, how can something with no physical presence have value?”
“Exactly. Assigning value to something that doesn’t physically exist……”
“It’s like gold. Honestly, I don’t even know why gold is valuable, but because people assign meaning and value to it, it ends up having the price it does.”
Bitcoin can be called the gold of the digital age.
It can be instantly transmitted from anywhere in the world, cannot be counterfeited, and the total supply is limited to 21 million, so there’s no concern about inflation.
“That’s probably just an explanation made up on the internet to fool people. No matter how I look at it, it seems like a scam. Why would anyone pay 400 dollars for something like that?”
“On top of that, there are more and more things similar to Bitcoin popping up. And to think people are actually buying and selling this stuff with real money. They must be out of their minds.”
Currently, the price of Bitcoin is 400 dollars.
Honestly, even to me, that price was hard to comprehend.
A piece of data with no substance, and even though they say it’s impossible to hack, that could just be a scam, and people are spending 400 dollars on it……
It was a system that was difficult to understand with common sense.
‘Then why is my intuition reacting to this?’
And not just reacting, but in a way I’ve never experienced before, so I had no idea what it meant.
At first, black streaks extended from certain currencies and reached Bitcoin, and then various colors mixed together, seemingly expressing chaos itself.
“…….”
Wondering if I had missed something, I looked up information about Bitcoin.
Was it telling me to buy it?
But I didn’t feel any response toward purchasing Bitcoin.
Then what is it trying to show me with this phenomenon?
“They say Bitcoin trading volume overseas is actually pretty decent. But when you look at the scale, it’s not really that big. And apparently one of the larger exchanges recently got hacked, and all the coins there were completely stolen.”
It was at that moment.
A feeling that hadn’t struck me hard before suddenly surged through my body, enough to make me jolt.
“Department Head. Did you just say it got hacked?”
“Oh, yes. It wasn’t at an enormous scale, but still, it was an exchange that ranked among the TOP 3, and it suffered a hacking incident where all the customers’ coins were stolen. And it’s not just that one. Other exchanges are also reportedly experiencing hacking incidents.”
Is it the hacking that’s triggering a reaction?
No.
What was shaking me by the collar wasn’t the hacking.
‘……Exchange?’
That word sent another intense tremor through my body.
“Are there Bitcoin exchanges in Korea?”
“Oh, yes. There are a few won-based markets. But the scale is very small, and the number of coins you can actually trade is quite limited, so most Korean Bitcoin buyers rarely use domestic won-based exchanges.”
Looking into the data, I found that even the few existing exchanges were now shutting down.
The trading volume was low, and compared to foreign markets, the number of coins available was significantly fewer, major drawbacks.
‘Is it telling me to acquire these exchanges?’
I hovered my hand over the names of the exchanges on the list.
There was no reaction at all.
“A few of them have already closed, and the remaining three are barely holding on. Even overseas and in Korea, there’s a strong aversion to this stuff because people think it’s a scam. Most importantly, in foreign markets you can buy hundreds of different coins, but in Korea, you can only buy about four or five.”
I had figured out that my intuition was reacting to the exchanges, but there was no response when it came to acquiring them.
Even after listening to the staff and looking into the data, the only thing that triggered a response was the word ‘exchange’.
Beyond that, there was no clear feeling.
Moreover, even if we acquire the exchanges right now, it’s not something that will immediately generate profit.
So what the hell am I supposed to do?
Is it telling me to create a new exchange?
“……?!”
But that’s when I got a reaction.
I wrote down ‘establish a new exchange’ in my notebook.
Then, as if I had a cramp, the hand holding the pen started reacting.
‘So it really was telling me to create an exchange?’
***
Chairman of Kwangwoon Group, Hwang Dae-woon.
He never realized that the position of Chairman would be this busy.
Calls came in from overseas every morning, a mountain of issues to deal with piled up, and there was absolutely no time to rest.
Honestly, he could have just dumped all this work onto the Vice Chairman and leisurely fooled around.
But this Kwangwoon Group and the Chairman position weren’t something Hwang Dae-woon earned through his own efforts.
It was all given to him by Jung Jin-ho.
That’s why he had not even the slightest intention to slack off and act arrogantly just because he became Chairman.
He wanted to work harder, even just a little, to be of help to the company.
That way, he could package it nicely and hand it back to Jin-ho someday.
“……But what is this?”
Hwang Dae-woon tilted his head as he looked over one of today’s proposals.
“A Bitcoin exchange? What is all this?”
“It’s a proposal submitted by CEO Jung Jin-ho. He wants to establish a new subsidiary to launch a fintech exchange.”
“I see. But a Bitcoin exchange? Is this thing popular these days?”
“Whether in Korea or globally, the Bitcoin trading volume isn’t that high. It got some attention for a while, but most people have turned away from it, saying the system doesn’t make sense.”
First of all, the fact that someone was putting money into such a system was surprising, and the current price of Bitcoin being 400 dollars was even more shocking.
But to take it a step further, Jung Jin-ho was now trying to launch a Korean won-based Bitcoin trading market.
“Why is Jin-ho suddenly trying to build an exchange that handles this? Even forming partnerships with overseas Bitcoin exchanges?”
The executives couldn’t understand it either.
In fact, most of them had only just learned about Bitcoin through this proposal.
Spending 400 dollars on virtual currency?
It sounded absurd.
“Tsk. The market is hot right now, but I can’t exactly call a busy person back and forth.”
Jung Jin-ho is also one of Kwangwoon Group’s executives.
But he rarely attends executive meetings.
To allow him to focus entirely on investments, the troublesome tasks were handled for him.
“There are a few places in Korea where you can trade Bitcoin, but the number of available coins is extremely limited. That’s why CEO Jung Jin-ho seems to be trying to form partnerships with overseas Bitcoin exchanges, to open up a route that allows trading of hundreds of different coins.”
Opening an exchange ultimately means earning from transaction fees.
But right now, Bitcoin trading volume in Korea is nearly nonexistent, and it’s not much different overseas.
“What we also need to pay attention to is the investment capital. The initial investment alone exceeds 100 billion won. Technically, if it were only about opening servers domestically, it could be done within 10 to 20 billion won, but CEO Jung plans to place servers not just in Korea but overseas as well.”
Bringing in hundreds of different coins through partnerships with overseas exchanges and listing them on the exchange.
That was the clear difference compared to existing domestic exchanges.
With technical support from overseas, he planned to build the system, place servers both domestically and internationally, continuously hire development staff, and open the exchange actively not only in Korea but across global markets.
“What do you all think?”
“It’s a rather puzzling decision. If he thinks Bitcoin will go up, he could just buy it.”
“Besides, the price is already 400 dollars, isn’t it? It’s full of bubbles. And the trading volume is starting to bottom out. Starting an exchange at this timing seems quite risky.”
Hwang Dae-woon felt the same.
Anyone with a rational mind would look at the current trend and come to the same conclusion.
“But for him to go so far as to establish a whole new subsidiary just to create an exchange……”
Jung Jin-ho had never made such a proposal before.
And of course, there’s no way Jung Jin-ho wouldn’t know what the executives here already understand.
Yet, the fact that he’s insisting on opening an exchange means there must be something behind it.
“And we’re talking about just 100 billion won, right? CEO Jung Jin-ho is earning trillions. Would he really care about 100 billion?”
Even the executives here know well enough.
It was Jung Jin-ho who played the decisive role in building what Kwangwoon is today.
And it’s also Jung Jin-ho who is still driving its growth.
The role they need to play has already been defined.
To ensure that Jung Jin-ho’s investments face no interference, either internally or externally.
“Approve it right away. If CEO Jung Jin-ho needs anything, provide full support.”
“Yes, Chairman-nim.”
Once again today, the Chairman and the executives carried out their responsibilities faithfully.
***
4:30 PM.
Chairman Kang Sung-ho and the executives gathered in the conference room, silently staring at the screen without saying a word.
Their hands were clammy with cold sweat, and their lips were completely dried out.
Up until just before the election, most polling agencies had predicted a victory for Hillary.
Especially in the major swing states of Wisconsin and Michigan, the polls had shown Hillary in the lead.
To be honest, throughout the entire election period, the media relentlessly attacked Trump.
Countless conspiracy theories and political scandals had overlapped, leading everyone to predict a Hillary victory.
But no matter how loudly the media shouted, it seemed the thoughts of the American people were different.
[Candidate Hillary’s vote share is 48.2%. Candidate Trump’s vote share is 46.1%. That’s a difference of nearly 3 million votes.]
The polls had been accurate.
Hillary was ahead by a whopping 3 million votes.
But in the United States, having more votes doesn’t automatically make you president.
Unlike Korea, the U.S. has a different election system, where the presidency is determined by who the electoral college votes for.
[However, 304 electors voted for candidate Trump, while 227 voted for candidate Hillary. Therefore, the winner of this election is candidate Trump!]
“!?”
The result defied everyone’s expectations.
Trump had become the new President of the United States.
“Damn. I don’t even know whether to be happy or not.”
Chairman Kang Sung-ho clenched his fist and shouted “Nice!” along with the other executives, but deep down he was still stunned.
He couldn’t believe the U.S. had actually chosen Trump.
A president surrounded by countless controversies and radical ideas.
A man who talked about building a wall along the Mexican border, slapping on bomb-like tariffs, and didn’t hesitate to mention going to nuclear war with North Korea.
“Congratulations, Chairman-nim.”
“No matter what else, this was a huge bet. Even though no one could predict where President Trump would go, Kangseong’s continued trust and support won’t be forgotten.”
“Once again, the Chairman’s foresight has shone through. Ha ha.”
At the executives’ words, Kang Sung-ho grinned, then quietly let out a sigh of relief.
In fact, he had been a bit skeptical when Jung Jin-ho said Trump would win the election.
All public opinion pointed to Hillary, and she actually did win the popular vote.
But just as Jung Jin-ho said, Trump won.
And just as promised in advance, Trump would unleash brutal tariffs but hesitate when it came to the name Kangseong.
People tend to remember those who extend a hand during their most difficult times.
While no one else supported Trump, Kangseong had boldly sent in donations.
To maintain its position as the overwhelming leader in semiconductors going forward, the stance of the U.S. was the most critical factor. At least for the next four years, the company could grow without facing major obstacles.
“This isn’t the time for this.”
Surely, Jung Jin-ho was also watching the election results right now.
He should at least send him a thank-you message.
They’d both been so busy lately they hadn’t kept in touch much.
He’d heard Jung Jin-ho had recently become the CEO of a new subsidiary.
Wasn’t the company called KW Bit?
“I heard it’s dead quiet over there right now.”
Should he call to at least offer some encouragement?
***
“…….”
The entire world was in an uproar over President Trump’s election.
But Kwangwoon Group was more focused on a different piece of news than on President Trump.
“Is he really crazy? Even if he is the Prime Minister, how can he just turn paper money into worthless scraps overnight?”
Indian Prime Minister Narendra Modi suddenly made an emergency announcement that he would reform the 500-rupee and 1,000-rupee banknotes.
In other words, he was declaring those two denominations invalid. This was a massive shock that turned 86% of all circulating currency into worthless paper.
The problem was, starting with India, countries like Indonesia, Zimbabwe, and Mexico followed suit.
It was as if they had made a pact to destroy their currency values.
“They’re trying to collapse the underground economy. Especially since the Indian rupee is notorious for being used in black money.”
India’s intention was to eradicate black money.
In fact, the rupee was frequently used in criminal activities such as slush funds and illegal transactions. There were even sayings that the rupee was used more than the dollar in the black money world.
“But still, isn’t this too much? Not 50%, but 86%?”
Such a move was unprecedented in history.
As a result, Indian citizens were lining up in droves at banks to exchange their banknotes.
And as other countries began to tamper with their currencies along with India, the global currency market was being completely overturned.
“But Chairman, it seems this might actually benefit us.”
“Why?”
“Because of this currency reform, slush funds around the world are on the move. Seeing governments step in to crush currency like this must have made them realize they can’t stay still.”
“And?”
“Assets like gold can still be touched by the government and can be tracked, right? But there’s one place that doesn’t fall under that.”
Was such a thing even possible?
“Bitcoin.”
“What?”
“Trading volumes are already skyrocketing hundreds of times over, both domestically and internationally. It dropped to 200 dollars before, but now it’s surpassed 500 dollars.”
The sudden wave of currency reform had mobilized black money scattered across the globe.
And it all poured into the Bitcoin market.
“Since we opened KW Exchange, we barely had any new members. But now, the servers are being overloaded with new registrations. We’re the only place in the country that deals with a wide range of coins.”
Ordinary people who had nothing to do with black money saw the soaring coin prices and started entering the market one after another.
And this was a 24-hour exchange.
There was no limit to how high the price could go.
“You’re saying… they’re seriously paying real money for that… that chunk of data?”
“It’s no longer just a chunk of data, Chairman. If this goes well… it might surpass 1,000 dollars.”
Chairman Hwang let out a helpless sigh.
A virtual currency more precious than gold.
The world was starting to move in strange ways.