Bitcoin’s “kimchi premium” pops to four-month high

12/27/24

A bitcoin is a bitcoin wherever you buy it, but that doesn’t mean it’ll cost you the same.

The so-called kimchi premium shot to a four-month high of about 5% this week as South Korean traders moved to buy bitcoin in the face of ongoing political uncertainty in the country. The metric refers to the percentage difference between the price of bitcoin on South Korean cryptocurrency exchanges compared to other crypto exchanges, like ones based in the US.

On Friday, the price of bitcoin was listed at just north of $94,000 on Robinhood (Sherwood Media is an independent subsidiary of Robinhood Markets). At the same time, bitcoin was listed for 142,091,000 won — about $96,425 — on Upbit, a South Korean exchange.

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