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The Sudden Rise in Cryptocurrency: The Kimchi Premium
Bitcoin Kimchi Premium (seoulz.com)

Bitcoin is a well-known cryptocurrency worldwide and is also widely used in Korea. In April, Bitcoin prices peaked at 79 million won, drawing attention to the Kimchi Premium. The reason behind this phenomenon is because Korea’s stock market has seen a sudden rise in users. Individuals looking for new investments joined Bitcoin, and it led to the price of Bitcoin rising in Korea. It is speculated that some self-employed business owners joined the Bitcoin market with government subsidies. Furthermore, more people have been entering the cryptocurrency market as they are generally viewing Bitcoin as a “money copy.” This indicates that investors can easily make money through Bitcoin; however, after news regarding the Kimchi Premium surfaced, the price quickly fell to approximately 60 million won within the week. It seems the investors felt burdened with the rise of the Kimchi Premium. In addition, if this phenomenon were to continue, there is a possibility that Bitcoin would be used as a method for illegal trades. According to Hwang Sei-woon, a researcher at the Korea Capital Market Institute (KCMI), “With the current price gap of Bitcoin prices between Korea and overseas, attempts to sell it for more than the buying price in Korea will increase.”

최진영  rosaleen21c@gmail.com

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