The current political turmoil in South Korea has caused the won to depreciate deeply, reaching its lowest value against the dollar since 2009. This instability has reflected in the soaring Bitcoin Kimchi Premium, indicating local BTC prices are substantially higher than global averages.
South Korean investors, facing political uncertainty, are increasingly turning to Bitcoin. They’re purchasing BTC at about 3% above international rates, acting as a hedge against the depreciating won. This ongoing trend underscores Bitcoin’s role as a safe haven asset during economic instability.
Bitcoin is priced at 144,450,000 won (approximately 98,000 USD) on Upbit, while trading at 95,100 USD on Coinbase. This price divergence highlights the Kimchi Premium and suggests a potential bullish trend for Bitcoin prices on South Korean exchanges amid political unrest.