Korea is one of the countries with the widest adoption of cryptocurrencies, they are so popular that they even traded them at a premium back in early 2018.
When you think of cryptocurrency adoption, Korea is one of the first things that pop into your head. They have always been one of the frontrunners on this very subject, even though they ran into some bumps earlier this year.
When the crypto market was at its highest in January and February, Korea traded cryptocurrency at a much higher price than people did in the rest of the world, simply because the demand for them was so great at the time. But, as the market started to fall, so did the premiums in Korea, soon they traded cryptocurrencies at the same price as the rest of the world.
However, now that the market is starting to turn once again, the demand for cryptocurrencies is skyrocketing in Korea. This has caused the premiums to occur once again, Bitcoin is currently trading at around $9010 in Korea according to Coinmarketcap.
One of the reasons why cryptocurrencies are so popular over there is that the people have better exchanges to acquire these digital assets, you can even walk into a physical location and get personal help on any inquiry by an employe. Quite different to many EU and US-based exchanges where you have to wait months for a pre-written email response.
Earlier this month, it was also announced that Bithumb teamed up with Korea Pay Services in order for its users to pay with cryptocurrencies in more than 8 thousand stores.