According to reports, a significant part of South Korea’s population is investing in cryptocurrency.
Yonhap News Agency cites new data from the central bank provided by Democratic Party Rep. Lim Kwanghyun that shows the number of crypto holders in South Korean exchanges surpassed 15,59 million people in November. This is an increase of 610,000 compared to 14,98 million.
Based on the numbers of accounts held by investors in five of the largest domestic exchanges including Upbit Bithumb Coin One Cobit and Gopax the figures represent over 30% of the 51,23 million estimated residents of East Asia.
According to the report, the increase in crypto investments is likely due to the market’s optimism after Donald Trump was elected as the new US president. Trump has pledged support for the virtual assets industry.
In July and August the number of crypto investors in China increased by 14,74 million, followed by 4,88 million, then 14.98 millions in October. This represents an increase of around 100,000 each month.
The total crypto assets also increased, from 586 trillion ($398.48) won in July to 102.6 billion won ($69.768) billion in November. Average daily transaction amounts also increased from 2.9 trillion ($1.972 billion), in July, to 14.9 trillion ($10.132 million) in November.
Lim claims that the volume of cryptocurrency asset transactions has reached a similar level to the stock exchange.
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