Bitcoin (BTC) Kimchi Premium Surges as Political Unrest in South Korea Impacts the Won

Cryptoquant data shows that South Koreans are paying 3% more to buy Bitcoin (BTC) than their American counterparts, as they look for protection from the depreciation of the won.

The largest cryptocurrency, priced at won, is valued at $145,000,000 ($98,600) on the country’s largest cryptocurrency exchange, Upbit. This compares to about $96,700 on Coinbase (COIN).

The move comes after the South Korean parliament voted to impeach Han Dak-soo, the prime minister and acting president, just weeks after President Yeon Suk-yul was impeached. The won fell to its lowest level in 15 years against the dollar.

“This unfolding saga is fundamentally about the election Fraud and erosion of trust “The use of impeachment as a political tool, along with allegations of foreign election interference, highlights the fragility of democracy in the face of disinformation,” Jeff Park, head of alpha strategies at investment management firm Bitwise, said in a post on X. “This is not just a Korean story.” “It is a warning to democracies around the world.”