Well, it’s official! South Korea’s opposition leader, Lee Jae-myung, has been sworn in as the country’s new president after a landslide win in the June 3 snap election. And here’s the kicker: he’s got a crypto-friendly platform that’s stirring up the nation!
Lee’s victory came just six months after the chaos caused by former President Yoon Suk-yeol, who declared martial law and plunged the country into political turmoil. But let’s be real, this isn’t your usual victory speech. Lee’s win came with over 49% of the vote (taking the lead over Kim Moon-soo’s 41%), as per the National Election Commission data.
With 99% of votes counted by June 4, it’s clear South Korea was not messing around; almost 80% of the nation’s 44.4 million eligible voters showed up. That’s the highest turnout for a presidential election since 1997!
And there it is - all votes counted. Still very much a divided country with regionalism still playing a role. Lee Jae-myung the clear winner but couldn’t quite reach 50 percent. pic.twitter.com/Dyw1g6xELg
— Jason Bechervaise (@Jasebechervaise) June 3, 2025
Satoshi Action Fund’s Dennis Porter, who was in the country on election day, couldn’t help but call the turnout “wild” while pointing out that Lee’s crypto-friendly policies were a big factor. Lee has already promised to let South Korea’s $884 billion national pension fund dive into Bitcoin and crypto, and, wait for it, he’s even planning to allow Bitcoin exchange-traded funds (ETFs).
MASSIVE BREAKING: South Korean presidential election won by Lee Jae-myung who committed to allow South Korea’s $884 billion national pension fund to invest in Bitcoin and cryptocurrency — also promises to launch Bitcoin ETF.
— Dennis Porter (@Dennis_Porter_) June 3, 2025
Wild this happened the 2nd day I am in South Korea. pic.twitter.com/NkXfe0AaIy
Lee Jae-myung’s Vision for South Korea’s Future
But wait, there’s more. Lee’s got some serious ambitions. He’s gunning for a Korean Won-backed stablecoin to overhaul the nation’s financial system and keep capital from slipping overseas. Lee’s words?
“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas.”
Even Kim Moon-soo, Lee’s conservative rival, isn’t shy about crypto. Kim’s campaign also backed spot crypto ETFs and promised to ease regulations, hoping to boost crypto adoption.
In the meantime, Bitcoin prices shot up to 149,000 won ($108,480) on South Korea’s biggest exchanges, Bithumb and Upbit, making it trade nearly 2% higher than global exchanges, which saw prices hover around $106,600.
But crypto’s not all Lee’s thinking about. He’s stepping into office during a time of economic uncertainty, including rising living costs, trade talks with the U.S., and geopolitical tensions in the region. It’s unclear how much of a priority Lee’s crypto promises will be, but he did tell his supporters in Seoul that he’s all about “working to restore the economy” from day one.
As for his game plan? Lee’s focused on economic recovery through AI and defense investments, depoliticizing the prosecution system, and introducing a four-and-a-half-day work week. Big moves ahead!
Kristian Koch
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