Won Hee-ryong, Who Bought 1 Million Won Worth of Cryptocurrency in the Crash, Says "I Will Find Out the Reason for the Coin Craze"

Established Account on 19th and Purchased Bitcoin, Ethereum, etc. in Installments
"Seeking to Understand the Direction to Lead the Cryptocurrency Market"

Jeju Province Governor Won Hee-ryong posted a photo on his social media (SNS) account on the 19th with the caption "What am I doing?" / Photo by Instagram capture

[Asia Economy Reporter Lim Juhyung] Won Hee-ryong, Governor of Jeju Province, announced that he has started investing in cryptocurrencies such as Bitcoin and Ethereum. Governor Won explained that regarding cryptocurrency-related policies, "both opinions and public sentiment are difficult to grasp," and he intends to participate directly in the market to find the cause of the 'coin frenzy' sweeping South Korea.

In a post on his Facebook on the 20th, Governor Won said, "The cryptocurrency market has been fluctuating wildly yesterday and today," adding, "Over the past month, prices have repeatedly surged and crashed, causing mixed emotions among many investors."

According to the domestic cryptocurrency exchange 'Upbit,' as of 10 p.m. on the 19th, Bitcoin, the representative cryptocurrency, dropped to 42,595,000 KRW per coin before recovering to 50,162,000 KRW by 5 a.m. the next day, showing significant instability. This is the lowest daily low price since February 8 of this year (41,562,000 KRW).

Regarding this, Governor Won stated, "Every time cryptocurrencies crash, opinions and public sentiment about whether to block or activate cryptocurrencies are difficult to grasp," and explained, "Yesterday, I personally opened an account at an exchange. I became an investor who buys and sells coins directly to understand why the coin frenzy has swept South Korea and to find the right direction to lead the cryptocurrency market."

Earlier, it was reported that Governor Won purchased various cryptocurrencies, including Bitcoin, Ethereum, Klaytn, and Something, in installments totaling 1 million KRW.

Won Hee-ryong, Governor of Jeju Province / Photo by Yonhap News

On the same day, he posted on his social media account, "I am on my way home after finishing the schedule for Buddha's Birthday. What was I doing?" along with a photo of himself holding a smartphone. Unlike the stock market, which is closed on holidays, cryptocurrency trading is available even on holidays.

Governor Won's self-identification as a 'Korin-i' (a newly coined term referring to beginner cryptocurrency investors) is interpreted as an effort to understand the cryptocurrency market more closely, which has recently become a hot topic mainly among the 20s and 30s age group.

Previously, Eun Sung-soo, Chairman of the Financial Services Commission, faced criticism from investors in their 20s and 30s after stating that "the government cannot protect all cryptocurrency investors."

On the 22nd of last month, during a plenary session of the National Assembly's Political Affairs Committee, when criticized for the government's insufficient protection of cryptocurrency investors, Chairman Eun said, "I don't think we should protect them just because many people invest," adding, "If they go down the wrong path, I think adults should talk to them."

A Blue House petition calling for the resignation of Eun Sung-soo, the Financial Services Commission chairman, who stated that "the government should not protect" cryptocurrency investors. / Photo by Blue House petition board capture

Following these remarks, some young cryptocurrency investors strongly opposed him. On the 23rd of the same month, a petition titled "We urge the voluntary resignation of Financial Services Commission Chairman Eun Sung-soo" was posted on the Blue House's petition platform.

The petitioner, who described themselves as an "ordinary person in their 30s," addressed Chairman Eun, saying, "You said that if people go down the wrong path, adults should teach them. Why have the youth of South Korea been pushed into such a position?" and urged, "Please quietly consider who created the current wrong path."

They continued, "What we learned from the life seniors in their 40s and 50s is hypocrisy. The common trait of the adults who try to teach those younger than them is what has ruined Korea," and criticized, "Life seniors accumulated assets by riding the wave of rising real estate prices, but now they pour out various regulations so that the 20s and 30s don't even get a chance." This petition, nearly a month later on the 20th, has received over 194,000 endorsements, approaching the threshold for an official response from the Blue House.

This content was produced with the assistance of AI translation services.