Will Japan and South Korea Rediscover their Thirst for Crypto?
East Asia is currently in the grip of a crypto slump like no other. Investments are down, business is slow and exchanges are battling fiercely for an ever-shrinking slice of an ever-shrinking market. It seems hard to imagine that just over half a year ago, South Korea and Japan were enjoying their crypto salad days – with everyone and their grandfather (literally) talking up, reading up on and spending big on Bitcoin and altcoins.
The two countries are bitter political rivals, with a long history of adversity. They dislike being compared in any way, and have evolved independent cryptocurrency communities who rarely if ever work together, despite their proximity. However, their predicaments are eerily similar and have followed very similar timelines. Theirs is a tale of meteoric rises and epic falls, followed by cautious regrowth, all occurring parallel – yet all for completely different reasons.