Cryptocurrency Investors in Korea Surpass 15 Million after Donald Trump's Election Victory

An illustration shows a Bitcoin mockup in front of an image of U.S. President-elect Donald Trump

Investors in Korea's cryptocurrency market have crossed the 15 million mark for the first time, sparked by the U.S. presidential election, data showed Wednesday.

The number of cryptocurrency investors reached 15.59 million as of November, up 610,000 from the previous month, according to the Bank of Korea (BOK). The figure represents roughly 30 percent of Korea's entire population.

Starting in July, the number of investors has risen steadily, with an average increase of about 100,000 each month. However, following Donald Trump's presidential election victory, market optimism sent Bitcoin prices to an all-time high, leading to a significant spike in new investors.

The data was obtained and published by Rep. Lim Kwang-hyun from the main opposition Democratic Party of Korea. Notably, this marks the first time the BOK has released figures related to cryptocurrency investors.

The statistics reflect the number of investors holding accounts at the five major domestic exchanges -- Upbit, Bithumb, Coinone, Korbit and GOPAX. However, the count may include duplicates, as individuals with accounts on multiple platforms are tallied separately.

What's notable is that the scale of cryptocurrency transactions has also grown to rival that of the domestic stock market.

In November, the average daily transaction volume of domestic cryptocurrencies reached 14.9 trillion won ($10.2 billion), nearly matching the combined transaction volume of the benchmark KOSPI at 9.9 trillion won and the secondary Kosdaq at 6.9 trillion won.

This led the total market value of cryptocurrencies held by Korean investors to reach 102.6 trillion won in November, a 76.9 percent increase compared to the previous month. Additionally, idle funds waiting to be invested on exchanges, or deposits, amounted to 8.8 trillion won during the same period.

"The scale of cryptocurrency transaction is growing so rapidly that it now rivals the stock market," Lim said. "At a pangovernmental level, we need to take thorough measures to enhance the stability of the crypto market and establish sound trading practices that protect investors' rights."