Hundreds of thousands of South Korean investors have started to invest in Bitcoin and the cryptocurrency market, fueling a sudden increase in demand.

Demand for Bitcoin and other cryptocurrencies surge in South Korea
The exponential growth rate of the South Korean cryptocurrency exchange market has reached to a point in which South Korea’s prime minister Lee Nak-yeon and deputy prime minister Kim Dong-yeon, who also operates as the minister of strategy and finance, have released public statements in regards to potential policies that will be imposed in the short-term to regulate the South Korean cryptocurrency market.

In an interview with Nathaniel Poppers of the New York Times, Korbit founder and CEO Tony Lyu stated that in the South Korean finance market, if the popularity of an asset spikes and a few people are invested in it, the vast majority of the market and investors rush to invest in that particular asset, in a desperate attempt to follow the trend.