After Trump pushed for encryption policies, South Korea's cryptocurrency holdings hit a new high of $70.5 billion

According to Cryptonews citing 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 in South Korea exceeded KRW 10 trillion ($70.5 billion) for the first time, marking the highest monthly total since the BOK began releasing cryptocurrency related data. Experts seem to agree that Trump's election as the President of the United States in November 2024 triggered a cryptocurrency buying frenzy in South Korea. At the end of October last year, a few weeks before the US presidential election, the Bitcoin held by Koreans was "only 58 trillion won (41 billion US dollars)". The 2.2-fold increase from October to December 2024 is mainly due to President Trump's "Declaration of Commitment Related to Cryptocurrency". The Bank of Korea pointed out that trading volume also surged significantly after the election. In the last few days of 2024, the daily trading volume reached 17.2 trillion Korean won (12.1 billion US dollars), a fivefold increase from the trading volume in October.