There is a massive Bitcoin frenzy happening in South Korea, and a lot of that has to do with the country legalizing cryptocurrencies and investing in them. There are hundreds of thousands of South Korean investors who are putting their money in virtual coins and fueling a sudden increase in demand as we speak.
The Demand For Virtual Currencies Is At Its Highest
The demand for Bitcoin and other cryptocurrencies is currently at its highest, following the exponential growth rate of the South Korean cryptocurrency exchange market. The entire thing has reached a point where the South Korean prime minister Lee Nak-yeon and the deputy prime minister Kim Dong-yeon released public statements in regards to certain policies that may be imposed in the short term in order to regulate the South Korean cryptocurrency market.
The truth is that word spreads very fast in South Korea, triggering a lot of people to invest in cryptocurrencies and invite even more to join the party. You can easily see the crypto as a new revolution and a great method to make money fast – which is how it is usually portrayed by Korean people.
South Korean’s Cryptocurrency Exchange Just surpassed The Country’s Stock Market
A community movement has revolved around the topic of cryptocurrencies, and the mindset of the majority of investors has led to a surge in cryptocurrency trading activities. This has obviously motivated the investors to put even more money on the table. The results for that were obvious – South Korea’s largest cryptocurrency exchange surpassed the one of KOSDAQ, which is the country’s leading stock market.
The South Korean government has been monitoring this situation. In fact, one of their spokesmen announced:
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”
At this point, it is clear that cryptocurrencies in South Korea are a frenzy. But even more than that, they are an opportunity for investors to make most of their money.
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