Harvard University investment boosts Bitcoin price to record high in Korea

Bitcoin reached a new all-time high in the domestic market after news spread that Harvard University invested in a Bitcoin spot ETF. Coupled with expectations of U.S. interest rate cuts, forecasts suggest Bitcoin prices could reach $150,000 by the end of the year.

According to Upbit, a domestic virtual asset exchange, as of 2:10 PM, Bitcoin was trading at 166,889,000 won, up 1.85% from the previous day. This is an all-time high on Upbit. At the same time, on the global market tracking site CoinMarketCap, Bitcoin recorded a 3.38% increase, reaching $122,217.59.



The day's rise was primarily driven by news of Harvard University's large-scale Bitcoin spot ETF investment. According to the virtual asset specialized media Cointelegraph, Harvard Management Company, which manages Harvard's fund, holds approximately 1.9 million shares of BlackRock's iShares Bitcoin ETF. This translates to over $116 million (about 161.1 billion won). It is the fifth-largest investment in Harvard's portfolio, following Microsoft, Amazon, Booking Holdings, and Meta. The market speculates that Harvard's investment decision could trigger Bitcoin purchases by other large institutions.

Expectations of U.S. interest rate cuts also contributed to the upward trend. Decrypt analyzed that investment sentiment towards Bitcoin improved as rate cut expectations and dollar weakness coincided.

Market attention is focused on the U.S. July Consumer Price Index (CPI) to be announced on the 13th (local time). If the indicator comes in lower than expected, expectations for a September Federal Reserve rate cut could increase. Sean Dawson, Research Director at on-chain options platform Devi, predicted, "With various macro and political factors simultaneously emerging that could drive prices up, Bitcoin could reach $150,000 by the end of the year."

Reporter Do Ye-ri