South Koreans Are Paying a Steep 3% Premium to Buy Bitcoin as the Country's Political Unrest Wreaks Havoc on Its Economy

The political situation is only making things worse. The South Korean parliament recently voted to impeach Prime Minister Han Duck-soo, following a similar move against President Yoon Suk Yeol.

South Koreans are paying a steep 3% premium to buy Bitcoin as the country’s political unrest wreaks havoc on its economy. According to CryptoQuant data, the price of Bitcoin has surged to 145,000,000 won ($98,600) on the Upbit exchange, while U.S. traders are paying about $96,700 on Coinbase (COIN). The price gap has widened as South Koreans scramble to secure their assets amid the plummeting value of the won.

Political Turmoil Weighs on the Won

The political situation is only making things worse. The South Korean parliament recently voted to impeach Prime Minister Han Duck-soo, following a similar move against President Yoon Suk Yeol. This has caused the won to sink to its lowest level against the U.S. dollar in 15 years.

The impeachment saga stems from allegations of election fraud and a loss of trust in the National Election Commission. According to Jeff Park, head of alpha strategies at Bitwise, these developments highlight the fragility of democracy and serve as a warning for democracies worldwide.

The political drama is pushing more South Koreans to seek shelter in Bitcoin, which is trading at $96,320.09 at the time of writing, according to CoinMarketCap.