“2025.07.14.
Bitcoin breaks through $120,000 for the first time ever!”
But why haven't I made a fortune with Bitcoin?
And why did he buy the Bitcoin for 500,000 won?
Even though it's well over 100 million, is it still not selling?

In 2009, a 'revolutionary' that had never existed before appeared on the Internet.
It's Bitcoin!

Things that didn't even have a price suddenly had a price, and then you could buy a pizza with 10,000 bitcoins.
By the end of 2024, its value will exceed $100,000.
And on July 14, 2025, it breaks through $120,000.
It came to have a huge 'ransom' of over 160 million won.

How did Bitcoin, with no central authority, no ownership company, and even its creator shrouded in mystery, become one of the top ten most valuable assets in the world? It has been ignored by countless economists, even Nobel laureates, and has been snubbed by Warren Buffett, the epitome of value investing and considered the world's wisest man. It has also faced hostility from countless governments. How has Bitcoin weathered countless storms over the past 16 years to reach its current status?

Now, before it's too late, it's time to examine the implications of Bitcoin.
We don't know what impact this moment will have on our future.
Will you regret it years from now, or will you reap great benefits in your later years?
However, it is necessary to remember the teaching of psychology that nothing is more painful than regretting things 'not done'.

At this point, the story of Professor Choi Seong-rak (Business Administration, Dongyang Mirae University), a former Bitcoin investor with assets in the tens of billions of won, who bought 20 Bitcoins at 500,000 won each in 2014, 11 years ago, and has held most of them to this day, will be a useful reference.

I first learned about Bitcoin through a book in 2013, and in 2014, I bought 20 Bitcoins for 500,000 won each.
And he has held most of it for 11 years, as of 2025.
In the meantime, Bitcoin has experienced both a surge and a crash (it has been cut in half as many as six times).
I've seen many people buy and sell Bitcoin in the short term, and many who held it for a while but sold it within a few years, but I've never personally seen anyone else who's held it for more than 10 years.
Other people sell when they see enough profit, but why do I keep holding on to my Bitcoin even after experiencing it being cut in half so many times?
I'd like to talk about what I think the fundamental value of Bitcoin is and what its core users think.

---From the "Introductory Note"

So, let's look at Bitcoin's position from the perspectives of classical liberalism and Keynesianism.
Bitcoin was fundamentally born from the idea of ​​wanting to escape government intervention.
Bitcoin was invented as a currency substitute that cannot be arbitrarily manipulated at the government's discretion, in opposition to government intervention in the currency and financial markets.
Bitcoin production is fixed, so the government cannot increase or decrease it.
The production speed is also fixed, so production cannot be done faster or slower just because the government demands it.
Bitcoin's ideal is to minimize government intervention.
Therefore, Bitcoin is based on the idea of ​​libertarianism without government intervention.
Bitcoin is the embodiment of liberal ideas that the government cannot interfere with.

So, what kind of economic stance would someone have a positive or negative view of Bitcoin? Those with libertarian views and those who are critical of the role of government are positive about Bitcoin.
In contrast, those who are positive about the role of government and believe that the government should intervene strongly in society are negative about Bitcoin.
However, economists who follow Keynes consider the role of government to be extremely important and work in various parts of the government.
This is the fundamental reason why many economists view Bitcoin negatively.

---From "Chapter 1: Economic Liberalism and Bitcoin"

In the West, there has been an ideological paradigm that seeks autonomy independent from the government based on this tradition.
Bitcoin is the new and most appropriate implementation of this paradigm in modern society.
Bitcoin can survive on its own without relying on governments.
Moreover, production and distribution are systems in which the government cannot intervene.
It is the first entity independent of the government in a long time in government history.
He is a savior to libertarians, anti-government activists, and market-oriented people.
This is the main reason why Bitcoin has received so much support.

---From "Chapter 2 Political Liberalism and Bitcoin"

Bitcoin's most notable characteristic is that it has been the item with the highest price increase over the past 15 years.
In other words, it was the best investment product with the highest return.
The reason Bitcoin has attracted so much public attention is not because of the new blockchain technology, nor because of its goal of replacing currency, nor because of its ideal of pursuing cyber independence.
Because the price kept rising tremendously.

So the most important aspect of Bitcoin has to be Bitcoin as an investment.
Ten years ago, some people were interested in blockchain because of its characteristics as an alternative currency.
But not now.
What people need now is Bitcoin as an investment.
Even if blockchain, alternative currencies, etc. are mentioned, these are only secondary factors that serve as grounds for investment.

The reason we are interested in Bitcoin is because its price has continued to rise.
Bitcoin has become a social phenomenon because its price continues to rise.
Bitcoin is the best investment of the 21st century.
We need to view Bitcoin as an investment.

---From "Chapter 4: Bitcoin as an Investment Target"