Mirae Asset Group Chairman Park Hyeon-joo said that almost no one has made money from Bitcoin and warned against borrowing to invest in the cryptocurrency. Speaking to employees of DigitalX, Mirae Asset’s digital asset subsidiary, in Seoul on Tuesday, he also described some South Korean virtual asset exchange listing practices as fraudulent. Park said DigitalX plans an additional capital increase of 200 billion won to 300 billion won ($149.8 million to $224.7 million) in the first quarter of next year if it becomes profitable, with the funds aimed at strategic investors. The company may also offer a third-party allotment to customers doing business with it, depending on market conditions. Park said Mirae Asset holds 1,500 trillion won ($1.12 trillion) in assets under custody that will be digitized, and expressed confidence DigitalX could become profitable by 2027 through aggressive capital increases and diverse global investments. He sees potential in STOs (security token offerings, which represent ownership interests digitally) and RWA (real-world assets represented on blockchain), including fractionalized stakes in companies such as Samsung Electronics and SK Hynix. However, he was skeptical that countries including South Korea would permit cross-border DeFi (decentralized financial services) that could weaken monetary policy and currency sovereignty.