By
Godfrey Benjamin
April 29th, 2024
South Korea’s Democratic Party (DPK) and smaller opposition parties managed to win a total of 192 of 300 parliamentary seats, thus almost outshadowing the current president.
South Korea’s liberal opposition party, Democratic Party (DPK), has won a landslide majority in the parliamentary. While the outcome did not guarantee an outright ouster of the current sitting president, Yoon Suk Yeol, all indicators point to a one-term tenure ending in three years. Furthermore, the opposition’s landslide victory has led to the resignation of Han Dong-hoon and Han Duck-soo as the party leader of the People Power Party (PPP) and Prime Minister respectively.
Notably, South Korea’s opposition parties jointly won 192 out of the 300 seats in the National Assembly. If the opposition parties managed to reach 200 seats, the current president would be impeached. Nonetheless, the remaining three years for the current president will be extremely difficult with the opposition controlling the National Assembly.
What South Korea’s Opposition Win Means for Bitcoin and Crypto Assets
South Korea is one of the leading developed countries that have significantly adopted the web3 industry and digital assets. The high adoption of Bitcoin and other digital assets in South Korea, amounting to over 6 million people, had a significant influence in the just concluded parliamentary election.
Furthermore, both sides of the political aisle had promised reward packages for the cryptocurrency industry if elected in the country’s National Assembly.
On one side, the PPP had vowed to delay a digital asset tax and allow investors to thrive in the nascent sector. On the other hand, the Democratic Party pledged to allow South Korean investors to tap into spot Bitcoin ETFs both locally and overseas.
JUST IN: 🇰🇷 South Korea's pro-#Bitcoin Democratic Party has won the national election to form government.
DP: "We're going to allow the ETFs, domestic or overseas."
More than 6 million South Koreans — over 10% of the population own Bitcoin or crypto.
— Bitcoin Archive (@BTC_Archive) April 11, 2024
Notably, the DP party will need to overhaul the country’s securities regulator that previously indicated that brokering spot BTC ETFs violates the law. The arguments follow data that shows that South Korean investors purchased more than $200 million of MicroStrategy Inc (NASDAQ: MSTR). Additionally, more investors from South Korea have been trading crypto futures ETFs.
Meanwhile, it will remain a game of waiting to see if the president will bend to the National Assembly’s rules and vice versa.
Market Picture
The cryptocurrency market remains in a macro bullish outlook with the Bitcoin halving 2024 about 9 days from happening. The fact that the United States has struggled to tame the dollar inflation is a direct reflection of the global economic situation. Furthermore, some countries led by El Salvador have been purchasing Bitcoin to hedge against inflation and global geopolitical instability.
As Coinspeaker previously noted, the United States Federal Reserve only remains optimistic that interest rate cuts will take place later this year amid the upcoming general elections. Meanwhile, Bitcoin price is attempting to rally beyond the resistance range between $71k and $72k.