Lee Jae-Myung, who has been serving as an opposition leader in South Korea, is the country’s new president after defeating his closest rival, Kim Moon-soo, the People Power Party candidate.
South Korea’s National Election Commission indicates that Jae Myung secured 49% of the total votes, while Moon-soo got 41%. The elections were held on Tuesday, six months after the impeachment of President Yoon Suk-yeol, who declared martial law last December.
According to Reuters, the voter turnout was the highest since the 1997 elections, with nearly 80% of the 44.3 million eligible voters casting their ballots. Satoshi Action Fund CEO Dennis Porter, who has been in South Korea this week, took to X to confirm Reuters’ report, saying, “The turnout was wild.”
Why Jae-Myung Win is Bullish for Crypto
As mentioned, the new South Korean president is a huge supporter of Bitcoin and crypto. During his campaigns, he vowed to invest a portion of the country’s pension fund, valued at $884 billion, in digital assets. Additionally, Jae-Myung promised to facilitate the launch of Bitcoin ETFs (Exchange-Traded Funds).
It is worth mentioning that the South Korean politician has been advocating for the creation of a Won-backed stablecoin, which, according to him, would help streamline the nation’s financial system. He also believes that the stablecoin will block national wealth from flowing out of South Korea. Whether the Jae-Myung administration will launch a stablecoin remains to be seen.
Jae-Myung Will Not Fulfill Crypto Promises Immediately, Analysts Say
Meanwhile, analysts claim it may take some time before Jae-Myun acts on his crypto promises. They argue that his immediate objectives would likely be to address rising living costs and geopolitical tensions, as well as negotiate with the Trump administration on tariffs.
Bitcoin Reacts to Jae-Myung’s Victory
After the National Election Commission declared Jae-Myun as the winner, Bitcoin’s price on South Korea-based exchanges like Upbit and Bithumb rose above $108,400, nearly 2.5% higher compared to other exchanges worldwide. However, the coin has reversed to $105,365 at the time of writing as investors wait for further clarity when Trump holds talks with China’s President Xi Jinping on Friday.
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