Overview

South Koreans are currently paying a 3% higher price for Bitcoin (BTC) compared to their US counterparts, prompted by the declining value of the won, as reported by CryptoQuant.

The largest cryptocurrency is now valued at 145,000,000 won (approximately $98,600) on the country's largest exchange, Upbit, while it trades for around $96,700 on Coinbase.

Political Context

This price spike comes in the wake of the South Korean parliament's decision to impeach Han Duck-soo, the acting president. The won has reached its lowest point against the dollar since 2009, following the earlier impeachment of President Yoon Suk Yeol.

"This unfolding saga is fundamentally about election fraud and the erosion of trust in South Korea’s National Election Commission (NEC)," Jeff Park, head of alpha strategies at Bitwise, remarked in a post on X. "The use of impeachment as a political tool, combined with allegations of foreign election interference, underscores the fragility of democracy in the face of disinformation. This is not just a Korean story; it’s a warning for democracies worldwide."

Conclusion

With these developments, South Korean citizens are increasingly turning to cryptocurrencies as a hedge against a volatile economic climate.