South Korean Youth Turn to Crypto Amid Economic Desperation

Cryptocurrency adoption in South Korea has surged, with over 16 million users—30% of the population—now active on exchanges. Market Optimism following Donald Trump’s U.S. election win last November has played a role, but the driving force among young Koreans is starkly different.

Eli Ilha Yune, Chief Product Officer at quantum AI startup Anzaetek, notes that financial desperation, not belief in Web3, fuels this trend. 'The motive comes not from a belief in Web3 like in the West but from financial desperation and the hope for quick gains,' Yune said during the 'Asia Insights' panel at German Blockchain Week.

Newly elected President Lee Jae-myung is pushing to integrate digital assets into South Korea’s financial system, including institutional crypto support and a potential central bank-backed stablecoin. The economic backdrop is dire: youth unemployment stands at 6.6%, more than double the national average, while Seoul’s median apartment price exceeds 1 billion won ($689,000).