A new report shows that more than 30% of South Korea’s population owns cryptocurrencies, with investors now holding assets worth over 100 trillion won.
South Korea’s crypto market is booming rapidly as the number of investors reached 15.59 million by the end of November, Yonhap News Agency reports, citing data from Democratic Party lawmaker Lim Kwang-hyun.
The latest figure shows an increase of 610,000 investors from the previous month, likely reflecting optimism following Donald Trump’s victory in the presidential election.
According to the data, the total value of cryptocurrencies held by South Korean investors reached a record 102.6 trillion won (about $78 billion) in November, up from 58 trillion won in July. While the data does not indicate which cryptocurrencies are most popular among investors, the average amount held by each investor rose to 6.58 million won, a huge increase compared to previous months.
In terms of trading activity, the daily trading volume on South Korea’s five largest crypto exchanges – Upbit, Bithumb, Coinone, Korbit and GoPax – reached nearly 15 trillion won in November, almost equal to the daily trading volume of the country’s stock markets.
However, some warn that the market is growing too quickly. Lawmaker Lim Kwang-hyun has asked the government to ensure the crypto market remains stable and protect consumers from possible risks. However, it is still unclear what steps the authorities will take in the near future.
