A prominent figure in South Korea's crypto scene believes the best is yet to come for Bitcoin. Chung Seok-moon, CEO of Presto Research Center and former research head at Korbit, predicts a true "bull run" is just on the horizon. "Bitcoin is still dipping its toes into the institutional investment pool," says Chung. "The real price surge hasn't even started."

Chung, known as Peter Chung, sees the recent US approval of Bitcoin spot ETFs as a turning point. "This changes the game for accessibility and mainstream adoption," he explains. While short-term dips are possible, Chung anticipates a surge of institutional money entering the market.

This isn't just about the US, however. Chung believes this move by American regulators will trigger similar actions globally, including South Korea. While Korean regulators haven't budged on approving a local spot ETF (opting to wait until after April 10th elections), Chung feels the writing is on the wall.

"Traditional asset management firms can't ignore Bitcoin anymore," says Chung. "Low correlation with other assets makes it an attractive addition to portfolios. In fact, excluding Bitcoin ETFs might be considered a dereliction of duty by asset managers soon."

This institutional embrace could be particularly impactful in South Korea, where retail investors reign supreme. A shift towards crypto by institutional players could significantly drive up demand.

Chung expects this institutional flow to begin "in earnest" after mid-April. He explains that many institutions require a "seasoning period" for new investment products. Once this period is over, Chung predicts Bitcoin will surpass its current price point.

Interest rate decisions in Washington could also provide a boost. A gradual easing of rates, according to Chung, could lead to a "release of funds" further fueling the Bitcoin fire.

South Korean crypto enthusiasts already witnessed a surge in optimism earlier this year, and Chung's prediction adds fuel to the fire. Get ready, because the real Bitcoin rally might just be around the corner.