What to know:
- South Koreans are paying a 3% premium over U.S. traders to buy bitcoin, according to CryptoQuant data.
- The won hit the lowest level against the U.S. dollar since 2009 as parliament voted to impeach the acting president.
As a researcher with a keen interest in global finance and politics, I find myself deeply intrigued by this developing situation in South Korea. Having lived and worked in Seoul for several years, I have witnessed firsthand the passion and enthusiasm that South Koreans bring to their investments – particularly when it comes to technology and innovation.
South Korean Bitcoin buyers are currently paying a premium of around 3% compared to Americans, as they look for financial security amidst the falling value of the South Korean Won, according to data from CryptoQuant.
Translated in simple and readable language: Bitcoin, the biggest cryptocurrency, is worth approximately 145 million South Korean won (around $98,600 USD) on Upbit, South Korea’s largest crypto exchange. This is slightly higher than its value of about $96,700 USD on Coinbase.
As a researcher, I’ve noticed an interesting development in South Korea. Following a decision by the parliament to impeach Han Duck-soo, who served as both prime minister and acting president, this move comes barely weeks after the impeachment of President Yoon Suk Yeol. This political shift seems to have had an impact on the exchange rate, with the won sliding to a 15-year low against the dollar.
In a recent post, Jeff Park, head of alpha strategies at Bitwise, stated that this ongoing event primarily revolves around allegations of election manipulation and a decline in faith in South Korea’s National Election Commission (NEC). He went on to say that the exploitation of impeachment for political gains, along with accusations of foreign intervention in elections, highlights the vulnerability of democracies when confronted by misinformation. This isn’t merely a South Korean issue; it serves as a cautionary tale for democratic societies around the globe.
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2024-12-27 15:32