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South Korea has just crossed a major milestone: over 16 million people in the country are now crypto users, making up more than 30% of the entire population of 51.7 million. This surge was supercharged by the election of Donald Trump as U.S. President in November, which coincided with a sudden spike of over 600,000 new crypto users.
The registered user accounts come from South Korea’s five major exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
Crypto Market Growth Moving at Lightning Speed
According to data submitted to South Korean lawmaker Cha Gyu-geun from the Rebuilding Korea Party, crypto fever is heating up faster than a ramen bowl in a microwave. After Trump’s win, crypto users surged to 15.6 million, and by March 2024, that number had already climbed to 16 million.
Industry experts believe we could hit 20 million users by year-end — basically, half the country might be riding the blockchain.
Crypto Assets Now Worth $70 Billion in South Korea
Some insiders believe the market is nearing a saturation point. But compared to the well-developed stock market, there’s plenty of room left to grow.
As proof: the total value of crypto assets in South Korea has reached over 102 trillion Korean won — that’s about $70.3 billion USD. Not bad for a market that was once laughed off as “just memes and magic internet money.”
Yes, you read that right: There are now more crypto investors in South Korea than there are individual shareholders on the Korean stock exchange. While the stock market had 14.1 million investors at the end of last year, crypto has officially taken the lead. It’s like watching Bitcoin slam dunk the KOSPI.
Even Government Officials Are In On the Action
Turns out it’s not just your neighbor’s cousin or that guy on Reddit buying the dip. According to the Ethics Commission for Government Officials, 20% of surveyed public servants hold crypto, with combined assets totaling 14.4 billion won (approx. $9.8 million USD).
The biggest crypto bag belongs to Seoul City Council member Kim Hye-young, who proudly declared holdings worth 1.76 billion won ($1.2 million USD). Not bad for a “public servant,” eh?
Regulators Still Sweating the Details
But not everything is sunshine and blockchain rainbows. Concerns about regulation and security are growing along with the market.
The South Korean Financial Services Commission recently cracked the whip by revealing a list of 22 unregistered crypto platforms, including 17 apps that are now blocked on Google Play. The goal? To tidy up the sector before it spirals out of control.
Conclusion:
In South Korea, crypto is no longer a fringe trend — it’s becoming a national movement. With more users than stock investors, growing asset value, and even lawmakers hodling bags, it’s clear that crypto isn’t just surviving — it’s thriving.
Now if regulators and whales can get on the same page, this market could be heading for its next moon mission.
