According to a local expert, a growing number of young South Koreans are using cryptocurrencies as a last choice due to economic difficulties rather than because they believe in its technology.
A local analyst claims that although cryptocurrency is rising in South Korea, the underlying cause of the increase is the economic desperation of the country's younger population rather than optimism.
After being bolstered by US President Donald Trump's election victory last November, statistics from late March show that the number of cryptocurrency exchange users in South Korea has topped 16 million. More than 30% of the nation's population is represented by the number.
However, recent remarks made by Eli Ilha Yune, chief product officer at quantum machine learning firm Anzaetek, at German Blockchain Week, imply that this is not a result of the locals' passion for blockchain technology. During an "Asia Insights" panel, he clarified that there are numerous "crypto dealers in Korea."
The "motive comes not from […] a belief in Web3 […] like in the West," according to Yune. Rather, he blames it on the younger generation's financial desperation, which drives them to go for "quick money."
Yune's comments coincide with newly elected President Lee Jae-myung's aggressive intentions for institutional crypto integration and his efforts to expedite campaign promises for incorporating digital assets into South Korea's financial system.
This includes backing the issuance of domestic stablecoins; according to reports, the head of South Korea's central bank said he has nothing against the nation releasing a stablecoin based on the Korean won.
The terrible circumstances facing South Korea's youth
The appeal of cryptocurrency among younger generations is not new; according to the 2025 Korea Wealth Report, the "young rich" own three times as much cryptocurrency as the wealthy over 45. Additionally, according to local estimates, 34% of high-net-worth persons in the area currently hold cryptocurrency.
However, Yune claims that this is not driven by a general conviction among young South Koreans on the promise of cryptocurrency. He claimed that South Korea's economy, which is accustomed to rapid expansion, was unable to keep up, leaving the younger generations without jobs.
In May, South Korea's youth unemployment rate for those between the ages of 15 and 29 was 6.6%, more than twice the country's general jobless rate of 2.7%.
Out-of-reach real estate
Yune acknowledged that the first thing South Korean youngsters would think about would be stocks. He did note, however, that "they don't see a lot of returns." Additionally, housing is unaffordable for both individual needs and investments.
According to reports, the price-to-income ratio in Seoul is 15.2, and the typical apartment price has doubled in just five years, surpassing 1 billion won ($689,000). As a result, many […] cryptocurrency traders aren't genuinely interested in [crypto], which is why I'm stating this, Yune stated.
"Of course," Yune continued, "there are exceptions," but "many of them are not even aware of the infrastructure or the technology" that goes into cryptocurrency.
