Park Hyeon-joo, chairman of Mirae Asset Group and its global strategy officer, warned against using borrowed money to invest in cryptocurrencies, saying investors should limit such holdings to about 10% of their total assets.

Park made the remarks on August 26 at the Four Seasons Hotel in Seoul’s Jongno district during a meeting with employees of DigitalX, according to industry officials. “Not many people have actually made money from investing in Bitcoin,” he said. “It is almost ruinous.”

He also expressed concern about buying highly volatile assets with borrowed money, adding that the practice should be avoided not only for cryptocurrencies but for other assets such as stocks.

Park said Mirae Asset would pursue a wide range of investments globally. He added that the firm would demonstrate to clients who favor coins that there are other ways to generate strong returns, and said crypto investments should account for only one-tenth of a portfolio.

He also said stock investing should be approached like venture investing, underscoring the need to focus on long-term growth potential rather than short-term trading gains.

Citing SpaceX as an example of a company Mirae Asset has invested in, Park said long-term investment in future industries should continue even if it requires accepting a certain level of losses.