South Korea’s crypto craze is either peaking or just getting started, depending on who you ask, but the numbers are in: over 16 million South Koreans, roughly 30% of the population, now hold cryptocurrency exchange accounts.
Data submitted to South Korean representative Cha Gyu-geun of the Rebuilding Korea Party revealed this milestone, drawing information from the country’s top five crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. The report, released March 30 by Yonhap news agency, notes individuals with multiple accounts were counted only once, offering a clear picture of unique users in the crypto space.
While some industry observers speculate that the market may be nearing a “saturation point,” others anticipate continued growth, projecting user numbers could climb to 20 million by year’s end. As one unnamed industry official told Yonhap, “Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market.”