Korean Investors Turn to BTC and USDT as Won Slumps to 15-Year Low, Says CryptoQuant CEO

COINOTAG reported on December 27 that the CEO of CryptoQuant, Ki Young Ju, highlighted a significant shift in currency dynamics. The Korean Won to US Dollar exchange rate has plummeted to a 15-year low, prompting South Korean investors to pivot towards cryptocurrencies. In a strategic response to this devaluation, many are converting their Korean Won into BTC (Bitcoin) and USDT (Tether) via Upbit, a leading South Korean exchange. Notably, this transition is occurring at a premium of 3-5%. Such market behaviors underscore the intertwined relationship between fiat stability and crypto investments, as investors seek to safeguard their assets amid fluctuating economic conditions.