The presidential election in South Korea is shaping up to be bullish for crypto, with both leading candidates waving the pro-crypto flag. This is good news for cryptocurrencies and crypto wallets alike.
It’s been six months of political turmoil since South Korea’s parliament voted to impeach former President Yoon Suk Yeol following his attempt to impose martial law in December last year. Just two weeks later, Yoon’s replacement – acting-President Han Duck-soo – was also impeached.
Tomorrow, however, voters will head to the polls to decide whether frontrunner Lee Jae-myung (Democratic Party) or his main rival Kim Moon-soo (People Power Party) will be the next president of South Korea. Regardless of who’s voted into power, crypto wins.
Rival Leaders Agree on One Thing
Both Lee and Kim have pledged to expand the nation’s digital assets market and bridge the divide between crypto and traditional finance. This includes legalizing and promoting spot crypto ETFs to enable Bitcoin and other digital assets to be listed on South Korea’s stock market.
Both also support the idea of a Korean won-backed stablecoin and easing regulations to curb reliance on foreign currencies and stabilize the financial system.
Lee, meanwhile, is pushing for South Korea’s $884B national pension fund to be free to allocate part of its portfolio to crypto assets.
Ripple Effects Of South Korea’s Growing Crypto Adoption
According to local news agency Yonhap, 32% of South Koreans – 16M+ people – are active in the crypto market, with daily trading volumes on crypto exchanges sometimes exceeding the country’s major stock indexes.
With institutional adoption, regulatory reform, and mainstream access on the cards, there will only be a greater demand for crypto wallets in South Korea, as around the world.
Currently valued at $11.52B, the global crypto wallet market is forecast to grow at a CAGR of 23.5% to $32.8B by 2030.
Growing crypto adoption worldwide will undoubtedly work in top hot wallets like Best Wallet’s favor.
Best Wallet plans to dominate 40% of the global crypto wallet market by the end of next year, and to prime the pump, it’s launched its own native token – $BEST.
Could $BEST Beat the Rest?
The Best Wallet app is a free, mobile-first, user-friendly, anonymous crypto wallet.
Armed with Fireblocks’ MPC-CMP technology, access to 50+ blockchains, and enabling seamless cross-chain swaps, Best Wallet is among the top software wallets on the market today.
The Best Wallet Token ($BEST) drives the Best Wallet ecosystem and delivers exclusive perks for $BEST holders. These include lower transaction fees, higher staking rewards, and exclusive early access to the best presales.
The Best Wallet Token presale has raised nearly $13 million already, and today, $BEST costs $0.025115. As it’s a presale, though, its price will increase at regular intervals. Staking is available at a current dynamic rate of 111%.
Once the presale ends, $BEST plans to list on DEXs, followed by CEXs, which should drive up its price considerably, so staking now could multiply your gains.
Check out our $BEST price prediction for what the future could hold for this new token. In short, if Best Wallet makes good on its goals, spurred on by growing crypto adoption in South Korea, the US, and the rest of the world, $BEST could easily do 10x.
To get in at its current early-bird presale price, our full guide to buying $BEST has everything you need to know.
A Vote for Crypto
All eyes will be on South Korea tomorrow as voters head to the polls. However, whether Lee or Kim comes out on top, crypto is the big winner. And that’s exciting news for the entire crypto market, from Bitcoin to $BEST to some of the best crypto wallets.
A reminder, though, knowledge is power when it comes to investing. Be sure to DYOR — We know a lot about crypto, but we’re not financial advisors.
