A former G20 international cooperation envoy recently released a book detailing Bitcoin collapse scenarios and discussed it in an interview with Herald Economy on the 12th. He warned Korean investors about a speculative frenzy and stressed that the work is not merely an investment guide. He cautioned that in the late stages of bubbles, some participants will bear losses even as others believe they can exit unscathed.
The author stresses that the meaning and potential of crypto should not be maligned, but he cautions against excessive hype and misinformation that enable profit at the expense of others. He explains that the book aims to alert policymakers, central banks, financial authorities, financial institutions, and international bodies that may have fostered or tolerated speculative activity. He analyzes Bitcoin from three angles—currency, blockchain technology, and digital gold—and compares crypto policies in the United States, China, El Salvador, and Korea, while detailing concrete risks such as coin runs, central bank digital currencies, and the threat of quantum computing hacking. The author also discusses the broader regulatory landscape and why aggressive policy responses could shape the crypto ecosystem.
The six‑act structure borrows titles from director Jang Jin’s film Leave When the Beat Drops, outlining a framework for understanding crypto dynamics. Act 1 traces legends, greed, and bubbles from tulip mania to the dot‑com era to identify the common drivers of historical bubbles. Act 2 surveys Bitcoin and the crypto ecosystem, revisiting Satoshi Nakamoto’s white paper and examining Ethereum, altcoins, and stablecoins. Act 3 examines Bitcoin’s essence—its role as currency, its blockchain backbone, and its function as digital gold—through an economic lens.
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