One in three Koreans now own crypto, Bank of Korea says

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As a seasoned researcher with a focus on financial markets and a particular interest in cryptocurrencies, I find the rapid growth of South Korea’s crypto market nothing short of intriguing. Having closely followed the global crypto scene for years, I can attest to the fact that such a surge in investment and trading activity is not an isolated incident – it mirrors trends we’ve seen in other regions.

The latest findings indicate that a significant portion, exceeding 30%, of South Korea’s populace owns cryptocurrency. This group of investors currently manages assets worth over 100 trillion won in the crypto market.

The cryptocurrency market in South Korea is experiencing a swift growth, with the number of investors reaching approximately 15.59 million as of late November, according to the Yonhap News Agency, who received this information from Democratic Party legislator Lim Kwang-hyun.

The latest figure shows an increase of 610,000 investors from the previous month, likely fueled by optimism following Donald Trump’s presidential election victory.

The value of cryptocurrency owned by South Korean investors hit an unprecedented high of approximately $78 billion (102.6 trillion won) in November, marking a significant rise from the July figure of 58 trillion won. The data doesn’t disclose which specific cryptocurrencies are favored by investors, but the average individual holding has skyrocketed to 6.58 million won, representing a massive increase compared to previous months.

The trading activity on South Korea’s leading five cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and GoPax) saw a significant increase in November, nearing 15 trillion won, which is nearly equivalent to the daily trading volume observed in the nation’s stock markets.

As a crypto investor, I’m mindful of concerns that our rapidly expanding market could be a cause for worry. South Korean lawmaker Lim Kwang-hyun has voiced these sentiments, urging the government to maintain market stability and safeguard consumers from potential risks. Yet, the specific actions authorities plan to take remain uncertain at this point in time.

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2024-12-25 11:40