South Korea is Driving the Bitcoin Craze

South Korea is the leader in Asia when it comes to Bitcoin

With China out of the picture, South Korea is now the leader in Asia when it comes to Bitcoin.  Regulations to bitcoin have put the Korean government in limbo.  The arrow is pointing to them cracking down on bitcoin trading and exchanges.  But how will they do this?  Will they demand transparency through bank registrations or tax heavily on all bitcoin exchanges.  A lot is currently unknown.  Bitcoin prices falling over the last few weeks is because the Korean government are discussing the regulation regarding bitcoin.  Current the price of bitcoin in Korean won is 12,265,000 Won.

The Price of Bitcoin in Korea

The price of bitcoin can fluctuate every day.  It can go up and down by more than 15% on a given day.  There lies the risk as well as the potential for huge gains.  When it comes to bitcoin South Korea is the third leading market in bitcoin exchanges just behind Japan and the United States.   The Korea Blockchain Industry Association trades more than 12 cryptocurrencies and there is such a high demand in Korea that it is selling at a premium in South Korea and forming a bitcoin albatross.  Bitcoin is bought for example for $12,000 in the United States and sold in Korea for $13,000 instantly making a profit of $1,000.  This is why Bitcoin has become so popular in South Korea and why so many South Koreans are getting rich off cryptocurrencies.  No wonder they are up in arms over the Korean government stepping in to regulate bitcoin.

South Korea Blockchain and Bitcoin

South Korean Bitcoin Craze

Korea became the prime spot for this Bitcoin craze because many young South Koreans are some of the most tech-savvy groups in the world.  South Korea’s IT infrastructure makes trading bitcoin easier than anywhere else in the world.  With the South Korea economy slowly declining, bitcoin has been a breath of fresh air.  Bitcoin became a fast and easy way to make money for young Koreans struggling with the economy.  With Korean government regulations, this may no longer be the case.  Everyone all over the world is looking to see what South Korea will do.  You can bet bitcoin prices will be affected greatly.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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