🧐 Real estate failure, conglomerates blocking the way

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10 hours ago

🧐 The failure of real estate and the monopolization by conglomerates have made cryptocurrency the only "comeback" path for young people in South Korea—

One-third of South Korean adults hold cryptocurrency assets, which is an astonishing figure. Additionally, I looked into data from various sources like Kaiko, CryptoCompare, and CoinGecko:

Cross-referencing, on Upbit, $BTC usually only accounts for 10%-20% of the total trading volume, clearly not the main character; the most popular are the altcoin market and the meme market.

In mature markets like the United States, Bitcoin remains the core asset held by most people, occupying a significant portion of investment portfolios. However, in South Korea, Bitcoin is a "niche among mainstream coins," more like a faith coin rather than a speculative coin; South Koreans treat crypto like a casino!

The most important point is:

The trading volume of cryptocurrencies in South Korea is enormous, not because there are many institutions or a lot of money, but because of nationwide trading + high trading frequency + an independent local pricing system + detailed regulatory policies, forming a "highly active, highly closed" local market cycle. To put it bluntly, young South Koreans have all fallen in love with the joy of betting and gambling with crypto.

The younger generation in South Korea generally feels that traditional investment channels (real estate, stock market) are "out of reach." Digital currency is likely the only way for South Korea to potentially break free from its existing class structure; other routes have been blocked by conglomerates, and crypto assets have instead become their channel for "comeback."

Upbit @Official_Upbit may currently be the most influential exchange besides Binance and OKEx, not only because of its objective trading volume but also due to the unique "kimchi premium" in South Korea.

The South Korean crypto market resembles a leveraged Web3 casino—releasing extreme activity within a controllable framework.

Sometimes I wonder, if China were to open up, would it also be in such a state, or even worse?

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