Why is Bitcoin Expensive in Korea (Koreans and Bitcoin)
Why is Bitcoin expensive in Korea? The blockchain industry in Korea is booming.
Why is Bitcoin expensive in Korea? The blockchain industry in Korea is booming. According to the Daily Economic News, on May 1st this year, GroundX, a subsidiary of Korean internet giant Kakao, sold $1.5 billion worth of Korean won (approximately 900 million yuan) to investors. In response, Lee Jeong-hoon, CEO of Korean cryptocurrency exchange Coinone, said in an interview, “Currently, over 300,000 users have invested in this coin through digital asset investment.”
Lee Jeong-hoon also emphasized that from 2017 until now, the price of Bitcoin has more than doubled and recently reached a new all-time high. “If we calculate all these prices as a reasonable market price, then we can see that it is a profitable outcome for everyone – that is, many people are buying, hoarding, and holding Bitcoin.”
Koreans and Bitcoin
According to the Korean Daily News, over a quarter of cryptocurrency investors in Korea claim to own some form of Bitcoin. Koreans typically hold Bitcoin as part of their investment portfolio. However, when people buy digital assets, their willingness to invest seems weak. According to local newspaper MoneyToday, nearly half (51%) of Koreans have started using BTC for transactions. There have been reports that many Koreans purchased Bitcoin worth up to $200 million through exchanges in 2017. (Cointelegraph)
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