After Trump's Crypto Policy Promotion, South Korea's Cryptocurrency Holdings Hit a New High of $70.5 Billion

PANews reported on April 22 that according to Cryptonews citing the Busan Daily, the Bank of Korea (BOK) disclosed in its latest payment settlement report that in December 2024, the total market value of cryptocurrencies held in domestic wallets first exceeded 100 trillion won ($70.5 billion), the highest monthly total since the bank began releasing cryptocurrency-related data. Experts seem to unanimously believe that Trump's election as US president in November 2024 triggered a cryptocurrency buying frenzy in South Korea. In late October last year, just weeks before the US presidential election, Koreans held Bitcoin worth "only 58 trillion won ($41 billion)". The 2.2-fold growth over two months from October to December 2024 was primarily due to President Trump's "crypto-related declarative promises". The Bank of Korea noted that trading volume also surged significantly after the election. In the last few days of 2024, the daily average trading volume reached 17.2 trillion won ($12.1 billion), an increase of five times compared to October's trading volume.