CH451 | Heir

The most famous place for Bitcoin trading was, of course, Fintech Bank.

It was the first to start Bitcoin transactions, and unlike other exchanges, it was managed directly by a major bank. As a result, many users relied on Fintech Bank.

However, new exchanges began to appear, offering cheaper fees.

In particular, exchanges that supported the rapidly growing number of altcoins were steadily eating into its market share.

That was why Dimon had a keen interest in altcoins.

The moment he heard the next project involved altcoins, his eyes lit up.

“Fintech Bank has tried registering several altcoins as well, but there are very few with reliable credibility.”

“If we can support altcoin trading, it would definitely boost Fintech Bank’s revenue.”

“That may be true, but the risks are far too high. There are too many cases where exchanges list altcoins only to vanish with the money, or where they scam customers directly. If that happens, Fintech Bank would have to shoulder some of the responsibility, which is why we are enforcing strict screening.”

After all, how many coins could truly be trusted?

The desire to increase revenue was understandable, but Fintech Bank had no choice but to distance itself from so-called “junk coins.”

“Other than Bitcoin, which has proven credibility, do not list any altcoins. As long as Fintech Bank holds its ground firmly, customers will return on their own.”

“Still, it’s a shame. May I ask which altcoin you plan to invest in?”

“I intend to invest in Ethereum. Apart from Bitcoin, it’s the most reliable altcoin.”

There weren’t many cryptocurrencies I remembered clearly.

But among them, the one that stood out most in my memory was Ethereum.

Today, every coin other than Bitcoin is lumped under the category of altcoins. But before my regression, Ethereum’s credibility was so high that it was no longer considered just another altcoin.

“Ethereum had a major hacking incident last year, didn’t it?”

“Yes, that happened in June.”

“It took a hit severe enough that it would’ve been equivalent to a company being delisted from the stock market. Once valued at over twenty dollars, it has now dropped by more than half, trading at around eight.”

“Stocks and coins are the same. You have to buy at the bottom if you want to make real gains.”

“Do you believe this is the bottom?”

The price of Bitcoin had already soared past twenty million won.

In contrast, Ethereum’s price was only eight dollars—but within just a year, it would break through one thousand.

A simple calculation showed the potential.

That meant a 125-fold return.

Of course, if the financial companies within Finance Tower bought in all at once, the price would surge dramatically, which naturally reduced potential gains.

“It’s definitely the bottom right now. If we buy in, we’ll make at least ten times our money—even if all the Finance Tower firms decide to invest together.”

“Even if you add up Ethereum’s entire market capitalization, it barely reaches ten billion dollars at best. Isn’t the pie far too small for all the Finance Tower companies to share?”

“That’s why we’ll divide the roles among the firms. Some will invest in oil, others in Bitcoin and altcoins.”

Wall Street financial companies tended to be rather conservative.

They were reluctant to invest even in Bitcoin, a new financial asset.

So when it came to altcoins, which were considered less reliable than Bitcoin, there was no need to say more.

“It will largely depend on the tendencies of each firm. Conservative ones will choose oil, moderates will go as far as Bitcoin, and only the progressive firms will venture into altcoins.”

“High risk, high return—it applies here as well. If everything goes according to plan, the firms that invest in altcoins will make the biggest profits.”

“Hm. In that case, our Quantum Fund will act progressively this time only.”

It was George, the representative, who had been quietly listening until now, who added his voice.

Quantum Fund was known as the most conservative among the Finance Tower firms.

They invested heavily in currencies with a longer history than stocks, to the point of avoiding newer markets altogether.

“You don’t need to do that. This is just a temporary investment until the U.S.–China power struggle begins in earnest.”

“No, I’ve learned something in all the time I’ve worked alongside you: if I follow your advice, I always end up with great returns. You’ve guaranteed at least tenfold profits—how could I possibly sit still?”

That was unexpected.

George, the very face of conservative thinking, had declared he would enter the altcoin market.

If he did, there was a strong chance that many other firms would follow his lead.

“Then let's do that.”

“By the way, how should the firms that enter Bitcoin trading invest?”

“We intend to run a Bitcoin lending business.”

“Lending—do you mean issuing loans?”

Bitcoin was a cryptocurrency.

Banks lent out currency and earned income by collecting interest.

There was no law explicitly forbidding loans in cryptocurrency. To be precise, it was a business the law hadn’t yet fully reached.

“Who would lend cryptocurrency like cash and collect interest? At best you can only make under 10% profit. And if Bitcoin’s price plunges, you’ll suffer major losses.”

“What are bank interest rates right now?”

“They vary by state, but at most around 12%.”

“With Bitcoin, you can set the interest rate however you like. If you charge more than 60%, financial authorities can’t really do anything about it.”

There was a reason loan sharks made big money.

Because they could charge interest rates far above legal limits, they could create a system where money generated more money.

“Still, are you okay with that?”

“Of course it will be an issue. Regulations will come with time. So we’ll run the lending business for exactly one year.”

“Why only one year?”

“I heard Bitcoin will be officially listed on the futures exchange this December. What happens when it’s listed on the futures exchange?”

Dimon fell into thought for a moment.

Not long after, he found the answer.

“The big players will buy or sell in massive volumes.”

“When that happens, those players will run wild. So it’s important to exit before then.”

“And what do you plan to do after exiting?”

“Of course, we’ll fleece those big players. If we strip them clean without leaving a single coin in their pockets, the profit will be quite decent.”

Bitcoin and altcoins were only a temporary resting ground.

By market capitalization alone it was a very large arena—over five hundred trillion won.

But it was still too small for all the Finance Tower firms to rush in and split it among themselves.

Finance Tower was only satisfied with projects at least the size of a national-scale venture.

After finishing my business trip to the United States, I returned to Korea.

In my absence, Vice Chairman Han had managed Taewoo Group, and quite a lot had happened during that time.

“Why are you bringing me so many reports? Most things can be handled at your level, Vice Chairman.”

“I’ve already processed twice as many reports as this. What I’ve brought today are only the matters that require the chairman’s direct decision.”

“You’re not doing this out of spite, are you?”

Vice Chairman Han had looked as though he wanted to accompany me on the U.S. trip.

But the chairman and vice chairman couldn’t both be away at the same time, so he had been left in Korea.

“Of course not. With all the work here, why would I bother going all the way to the U.S.?”

“I’ll review the reports gradually. Is there anything that requires immediate attention?”

“Yes, regarding autonomous driving. All related regulations have been abolished, and legislation favorable to self-driving technology has passed.”

Autonomous driving was no longer a field Taewoo Group alone was pursuing.

Tesla, of course, and many other automakers were unveiling their own strategies and visions for self-driving technology at various exhibitions.

But there was one clear difference.

Whereas others merely presented plans and future concepts, Taewoo Group had technology that could be applied immediately.

“Thanks to the successful adoption of remotely controlled rental cars, the regulations on autonomous driving were repealed more quickly.”

“The accident rate of remote-controlled rental cars has been significantly lower than that of regular vehicles. For now, self-driving has only been approved on roads with relatively light traffic. But it’s expected that the permitted areas will expand step by step.”

“As a starting point, that’s not bad. When will autonomous vehicle operations begin?”

“Test runs will start at the end of this month.”

Nothing could be achieved all at once.

Only after proving stability through test runs could we implement the plans we had prepared.

“Once the test runs succeed, the system can be applied to freight trucks and taxis as well.”

“We’re already working on equipping Rocket-owned freight vehicles with autonomous systems. As soon as authorization comes through, they’ll be ready to operate immediately.”

“And what about taxis—are things going smoothly there?”

“Captain Kang’s side has secured more than one hundred private taxi licenses. The problem, however, lies with the unions. Both the freight union and the taxi union are already showing signs of opposition.”

Autonomous driving hadn’t even properly begun yet.

Even so, there were already signs that the unions were preparing to raise issues. Once things officially got underway, it was obvious what kinds of problems would arise.

“We’ll need to offer a variety of carrots to make sure no problems surface. It doesn’t matter if we don’t make profits from freight trucks or taxis right now. This is just a phase to secure data, so let’s handle the unions as smoothly as possible.”

“We’ll move on multiple fronts.”

“Since autonomous driving will be fully implemented in the United States as well, please prepare for that too.”

“I’ll make sure the automotive subsidiaries are properly informed.”

Success was only possible by breaking into the U.S. market.

In particular, just monopolizing the American freight truck market alone would generate massive profits, not to mention the opportunity to secure even more diverse data.

“The Trump administration will soon abolish all regulations related to autonomous driving, so all we need to do is move in step with them.”

“They certainly act much more aggressively than the previous administration. Just look at the shipping industry—and now they’re bulldozing ahead with autonomous driving as well.”

It was all working in our favor.

With the Trump administration willingly taking the brunt of criticism, all we had to do was run hard across the ground they had bulldozed flat for us.

“How is the Financial Tower running?”

“It’s being managed through three separate organizations. Large financial firms are investing in oil futures, while relatively smaller firms are investing in Bitcoin and altcoins.”

“When you’re big, it’s not easy to take risks.”

“They are buying slowly, but the price of Ethereum, which was once eight dollars, is already approaching ten.”

These so-called mid-sized firms of the Financial Tower—

They might be considered mid-sized here, but in the financial world at large, they were by no means small players.

Compared to Wall Street hedge funds, they often managed even larger pools of capital.

So the moment they simultaneously invested in altcoins, prices inevitably surged.

“Tell them to keep buying steadily while controlling the pace.”

“These are seasoned stock traders. They know exactly how to secure large volumes cheaply. By stirring up waves to shake off smaller players, they’re smoothly accumulating holdings.”

In short selling, the most important factor was securing supply.

The Financial Tower’s firms had exceptional know-how in acquiring supply.

Their level of capital strength and expertise was leagues apart from the retail investors and minor market manipulators.

“And Taewoo Securities—where are they investing?”

“They’re involved in all three categories. Oil, Bitcoin lending, and altcoin investments—all at the same time, and they still have room to spare.”

Under Vice Chairman Han’s leadership, the Financial Tower was running smoothly.

At least for this year, there would be no cries of distress coming from the Financial Tower, which meant it was time to turn to other subsidiaries.

“Convene an executive meeting for Taewoo Semiconductors.”

The first priority was Taewoo Semiconductors.

With 700 trillion won already invested to build a semiconductor city, it was the right moment to establish new visions and strategies.