Once again, the bitcoin price has achieved a new all-time high at $7,598 on November 5, as the market continues to be optimistic about the mid-term performance of bitcoin.
In Japan and South Korea, two regions in Asia that are known to have extremely conservative investors and traders, have seen an exponential increase in the demand for bitcoin from local traders. In an interview with Nathaniel Poppers of the New York Times in October, Korbit founder and CEO Tony Lyu emphasized that once people are invested in South Korea, they encourage others to join the “party.”
“Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this,” said Lyu.
Over the past two weeks, Japan and South Korea have seen a massive portion of conventional investors in the traditional financial industry allocate their funds to bitcoin, given the increasing liquidity of bitcoin and the cryptocurrency market in general.
Specifically, in South Korea, the popularity of offline exchanges of Bithumb and Coinone, the country’s two largest cryptocurrency exchanges, started to grow, as investors without solid technical knowledge or expertise in dealing with bitcoin began to seek for direct person-to-person assistance in purchasing, trading, storing, and managing bitcoin.
As a 53-year-old bitcoin investor stated:
“Due to the emergence of physical cryptocurrency exchanges and offline customer service operations launched by CoinoneBlocks and Bithumb, many investors in South Korea are rushing to sell their stocks and equity in public companies to invest in cryptocurrencies such as bitcoin. Since the beginning of 2017, the demand for bitcoin has increased significantly and investors have been able to build trust over the cryptocurrency exchange market through offline exchanges.”