While cryptocurrency adoption is soaring in South Korea, the surge among young people appears driven less by belief in blockchain and more by deepening economic hardship. As of late March, more than 16 million South Koreans—over 30% of the population—are users on crypto exchanges, a figure boosted in part by market optimism following Donald Trump’s U.S. election win last November.
But according to Eli Ilha Yune, Chief Product Officer at quantum AI startup Anzaetek, this rise in adoption is not necessarily fueled by enthusiasm for Web3. Speaking during the “Asia Insights” panel at German Blockchain Week, Yune pointed out that many young Koreans turn to crypto out of necessity rather than passion. He said, “The motive comes not from a belief in Web3 like in the West but from financial desperation and the hope for quick gains.”
Yune’s remarks come as newly elected President Lee Jae-myung pushes forward plans to integrate digital assets into South Korea’s financial system. These include support for institutional crypto use and a potential Korean won-based stablecoin, backed by the central bank.
The economic pressure on South Korea’s youth is intense. The youth unemployment rate (ages 15–29) stood at 6.6% in May, more than double the national average. Soaring real estate prices have further limited financial options. The median price of an apartment in Seoul has now surpassed 1 billion won ($689,000), with a price-to-income ratio of 15.2—placing home ownership out of reach for most young people.
Stocks, once a go-to investment option, are seen as offering low returns. “They can’t afford homes, rent is too high, and stocks aren’t yielding enough,” said Yune. “Crypto feels like the only shot.”
The 2025 Korea Wealth Report supports this trend, revealing that the country’s “young rich” hold three times more crypto than older high-net-worth individuals. Yet Yune cautions that many young traders are not deeply engaged with blockchain itself. “There are exceptions but many don’t understand the infrastructure or technology behind what they’re investing in,” he said.
Ultimately, South Korea’s crypto boom is revealing a generational crisis, where digital assets are seen less as innovation and more as economic survival.
