South Korea Crypto Investor Base Climbs to 7.78M in 2024, Surging 21% Amid Bitcoin Strong Performance

South Korea crypto investor count reached 7.78 million in the first half of 2024, up 21% from late 2023. Market growth is driven by Bitcoin rally, U.S. crypto policy shifts, and increased trading volume.

South Korea cryptocurrency market has experienced substantial growth in the first half of 2024, with investor numbers climbing 21% to reach 7.78 million, as reported by the Financial Intelligence Unit (FIU) of the Financial Services Commission. This rapid rise in participation highlights a growing interest in digital assets, spurred by Bitcoin surge to a notable $75,000, the influence of supportive U.S. crypto policies, and speculation around potential Bitcoin ETFs.

In addition to the increase in investors, the report noted a 67% rise in daily trading volumes, now hitting around 6 trillion won ($4.4 billion) compared to the previous 3.6 trillion won. Market capitalization of digital assets held by South Korean investors reached 55.3 trillion won, reflecting a 27% rise over the period.

Investor enthusiasm has contributed to a significant rise in profits for virtual asset service providers, which doubled to 590 billion won, a positive response attributed to Bitcoin’s recent performance. Notably, demographic data show that men in their 30s and 40s dominate the investor pool, making up 68% of the crypto market, with women representing 32%. Most investors (67%) hold virtual assets worth under 500,000 won, while high-net-worth individuals with over 1 billion won in assets comprise just 0.03% of the market.

Bitcoin remains the most popular asset, accounting for 37.2% of all crypto holdings, followed by Ethereum (11.1%), Ripple (10.6%), Dogecoin (2.8%), and Ethereum Classic (2.7%).

Despite market volatility, crypto remains an attractive investment, especially for younger Koreans, as a recent survey found that over three-quarters of people aged 20-39 lack confidence in the national pension system. Many prefer investing in stocks and crypto to build their retirement savings.

With key candidates in the 2024 election showing personal interest in cryptocurrency, approximately 7% of them reportedly own digital assets, according to Yonhap.

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