Bank of Korea Reports One in Three Koreans Now Own Crypto

A recent report from the Bank of Korea reveals that more than 30% of South Koreans now own cryptocurrency, with the total value of crypto assets surpassing 100 trillion won (approximately $78 billion). By the end of November 2024, the number of crypto investors in South Korea had reached 15.59 million, marking an increase of 610,000 from the previous month. This surge is believed to be driven by growing optimism in the market, including positive sentiment following Donald Trump’s presidential election victory.

The average amount held by each investor has also seen a significant rise, reaching 6.58 million won, a notable jump from previous months. The daily trading volume on South Korea’s top five crypto exchanges — Upbit, Bithumb, Coinone, Korbit, and GoPax — reached nearly 15 trillion won in November, approaching the daily trading volume of the country’s stock markets.

While the market’s rapid growth reflects its increasing popularity, there are concerns about its sustainability. Lawmaker Lim Kwang-hyun has urged the government to ensure the crypto market remains stable and to protect consumers from potential risks. However, it remains unclear what measures the authorities will take in the coming months to address these concerns.