Bitcoin (BTC) prices have been skyrocketing globally of late, but in one part of the world, crypto fever is not yet making its mark – or at least not to the extent that it did three years ago.
That place is South Korea, where 2017’s crypto bubble arguably peaked, amid reports of teenagers spending their pocket money on altcoins and septuagenarians buying BTC with their pension payouts.
The frenetic bitcoin buying of late 2017 resulted in a phenomenon known as the kimchi premium, whereby South Koreans were paying way over the global average to buy tokens on domestic trading platforms.
But while BTC has been scaling new, record-breaking heights on most exchanges, the kimchi premium has shown no signs of return yet, with many 2017 price records still intact in South Korea.
Janet Cho, a Seoul-based IT journalist, told Our,
“Last time people went all-in on crypto, they got bitten hard by a government crackdown and a price slump. With a financial crisis looming due to the coronavirus pandemic, it looks like only dyed-in-the-wool crypto converts are buying tokens now.”
However, per a Hans Kyungjae report, many listed firms with links to crypto-related business experiencing price rises in line with crypto prices. The media outlet reported that Woori Technology Investment, an investor in Dunamu, the operator of the Upbit crypto exchange, had seen a price rise of almost 10% on Friday. LCD and semiconductor firm Wizit, which owns a stake in Upbit rival Bithumb, also saw a share price rise of over 14%.
Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New Services
S Korean Industry Body: Mandatory Crypto Disclosure Would Boost Credibility
South Korea’s Banking Giant to Co-create ‘Crypto Bank’ for Exchanges
‘Arbitrary’ Ruling May ‘Force South Korean Crypto Exchanges to Close’