Donald Trump Effect Reaches the Shores Of South Korea? 1 Out of 3 South Koreans Invest In Crypto

Data from the Bank of Korea (BOK) has showed that the number of cryptocurrency investors in Korea has reached 15.59 million as of November, an increase of 610,000 compared to the previous month, representing more than 30% of Korea's entire population of approximately 51.23 million.

South Korean media company, Yonhap, had said that this was the number of investors in five major Korean exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax.

Cryptocurrency revival following Trump's election victory

Prior to the November surge, the number of investors has already started to rise steadily, with an average increase of about 100,000 each month.

As of the end of November, domestic cryptocurrency holding reached 102.6 trillion won based on market valuation. The total holdings remained relatively stable from July to October, at 58.6 trillion won at the end of July, 50.6 trillion won at the end of August, 54.7 trillion won at the end of September, and 58 trillion won at the end of October.

At the end of November, this figure has surged by nearly 60%. Korean financial experts commented that the increase reflects the growing number of investors and significant rise in Bitcoin prices, spurred in part by the Trump effect.

Many in the global crypto community believe Trump's victory could signal a shift towards more favorable regulations for digital currencies, a sentiment that has resonated strongly with South Koreans.

Experts have also said that Trump's victory will help reverse an "anti-Bitcoin" sentiment in the US and bring positive changes to the way the country approaches crypto. This narrative has also reached the crypto community in South Korea.

Bitcoin, a representative virtual asset, rose sharply from around $68,000 on 5 November, shortly after Trump's election win, and has continued to hover around $100,000.

South Korea's commitment to protect digital assets users

Part of the reason for the rapid growth in crypto investors in Korea is also due to the introduction of the Virtual Asset User Protection Act by South Korea's Financial Services Commission.

This new regulation puts more pressure on crypto exchanges to ensure the security of users' assets. This also marks the first time such comprehensive statistical data on crypto ownership has been released, further underscoring the sector's rapid growth.

Following the release of this new policy, South Korea already began to experience the start of their crypto revival.

The data only shows that South Koreans hold about 102.6 trillion Korean won in crypto assets.

With South Koreans holding $70.3 billion in crypto assets and transaction volumes nearing those of the local market, the country's crypto boom shows no sign of slowing.