Why bitcoin is so popular in Korea?
There is no clear explanation yet, but local analysts believe it is geo-political and cultural in nature. Kwak Keumjoo, a psychology professor at Seoul National University, said that the statelessness of bitcoin attracted some Koreans who carefully maintained their savings in property. At the same time, domestic political turmoil may also increase the attractiveness of bitcoin.
Taiki Lee, a senior fellow at the Korea Institute of Finance, said individual Korean investors have long been fond of super-financial betting. Stock derivatives are also popular in South Korea, in part because they allow investors to leverage their investments. According to the Futures Industry Association, South Korea’s stock index options market was the most active in the world before the government crackdown on speculation in 2011.