South Koreans’ interest in cryptocurrency is legendary. In 2017, the nation, with just over 50 million inhabitants, contributed to a staggering 20% of all Bitcoin trades and emerged as the largest market for Ethereum (ETH).

However, many do not realize that while South Korea’s love for crypto is fervent, their distaste for decentralized finance (DeFi) is equally pronounced.

Embracing the Digital Gold, Not DeFi

Bitcoin’s phenomenal rise found its echo chambers in South Korea, where a populace steeped in rapid tech adoption eagerly took to crypto. From students checking Bitcoin prices between lectures to elderly grandparents hedging their retirement on crypto, the digital wave swept across generations.

The surging demand led to what was termed the “Kimchi premium.” This is a phenomenon where the local price of Bitcoin soared up to 40% higher than its United States counterpart.

Read more: The Best Crypto Trading Bots for Arbitrage

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Author: Bary Rahma

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