South Koreans are paying a steep 3% premium to buy Bitcoin as the country’s political unrest wreaks havoc on its economy. According to CryptoQuant data, the price of Bitcoin has surged to 145,000,000 won ($98,600) on the Upbit exchange, while U.S. traders are paying about $96,700 on Coinbase (COIN). The price gap has widened as South Koreans scramble to secure their assets amid the plummeting value of the won.
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Political Turmoil Weighs on the Won
The political situation is only making things worse. The South Korean parliament recently voted to impeach Prime Minister Han Duck-soo, following a similar move against President Yoon Suk Yeol. This has caused the won to sink to its lowest level against the U.S. dollar in 15 years.
Experts Warn of Global Implications
This saga is fundamentally about election fraud and the erosion of trust in South Korea’s National Election Commission,” Jeff Park, head of alpha strategies at Bitwise, explained on X. He added that these developments showcase the fragility of democracy, calling it “a warning for democracies worldwide.”
The political drama is pushing more South Koreans to seek shelter in Bitcoin. At the time of writing, Bitcoin is sitting at $96,320.09.
