Why Was Cryptocurrency Extremely Essential In Korea's Latest Election?

In Korea, an estimated 8.4 million people own cryptocurrencies, with more than 60% of them in their twenties and thirties.

Yoon announced that he would release a total of 22,329 NFTs at a price of around $40 per.

Upbit and Bithumb, the region’s two largest crypto exchanges, provided the figures. The 40-50 age bracket accounted for approximately 52 percent of total users on both platforms, according to average numbers.

The presidential election has been decided, and crypto aficionados are celebrating Yoon Suk-triumph yeol’s today. In Korea’s recent presidential election, contenders fought tooth and nail to gain the support of uncertain young voters. Both candidates went to great pains to make their campaigns negative.

Teenage Koreans Seem To Be Enthusiastic Towards Cryptocurrency

According to statistics, over 40% of Koreans aged 20 to 30 possess crypto assets, and overall crypto trading volume exceeds that of the KOSPI stock exchange. According to Rachel Premack of The Verge, Korea’s high unemployment is a serious concern: It’s especially difficult for people like us, who are just starting their jobs or are college students because there is no way to construct a solid life. Cryptocurrency appears to be a once-in-a-lifetime opportunity for young Koreans. Another young Korean college student expressed his thoughts as follows:

I’m confident that I’ll be able to work for the next 30 years. I can pay off debt for a two-bedroom house and an automobile that I don’t really enjoy. And with that, my life comes to an end. So they’re thinking to themselves, What can I do to get out of this? The prohibition on initial coin offerings (ICOs), which was enacted in 2017, was the first focus of both candidates. Both candidates were aware of the dangers and provided potential remedies. Candidate Lee Jae-Myung stated that ICOs would be allowed if sufficient safety precautions were implemented, but did not specify what those safeguards were. On the other hand, now-president Yoon Suk-yeol proposed using bank-backed crypto exchanges to convert ICOs to IEOs.

Yoon released his own NFTs a week before the elections, after obtaining an advantage by detailing how he’d manage ICOs. Yoon announced that he would release a total of 22,329 NFTs at a price of around $40 per. His opponent, taken off guard, proclaimed right away that he’d be raising airdropped NFTs as well, but he couldn’t match Yoon’s impact. Yoon Suk-yeol won by less than 1% on March 9th, bringing the campaign to a close. Both candidates used crypto ideologies to appeal to the younger generation, assuming that the old guard had already settled on a candidate and would not change their minds.

How Essential Was Just The Reality That You Seem To Be Youthful?

Kim Hyoung-Joong, President of the Korea Society of Fintech Blockchain, told Forkast News: In Korea, an estimated 8.4 million people own cryptocurrencies, with more than 60% of them in their twenties and thirties. Hyoung-Joong echoed the idea regarding the elderly vote, emphasizing: The 40s, 50s, and 60s have already chosen a candidate and are not altering their minds. A week before the elections, however, the research found that adults in their 40s and 50s in South Korea had significant crypto assets. Upbit and Bithumb, the region’s two largest crypto exchanges, provided the figures. The 40-50 age bracket accounted for approximately 52 percent of total users on both platforms, according to average numbers.

The data shows the 2018 crypto boom among 20 and 30-year-olds, while the present main participants are 40 and 50-year-olds with significant financial power and stock exchange experience. Both candidates’ doctrines could have appealed to a considerably bigger number than they thought, making the election’s outcome even more important.

ALSO READ: Digital Real Estate Platform got Series E funding; is the $2 Billion Mark to Break?

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing