South Korean lawmakers have been making waves in the cryptocurrency investment space, as a recent report has revealed that they are HODLing a variety of digital assets including Bitcoin (BTC), high-cap altcoins like XRP, and even meme coins like PEPE. The investigation conducted by South Korean media outlet Energy Kyungjae focused on members of the National Assembly committee who are responsible for creating new investor-friendly policies.
The current administration under President Lee Jae-myung has expressed interest in deregulating the crypto markets and ushering in what they call the “KOSPI 5000 era.” This entails promoting capital market revitalization, encouraging stablecoin- and crypto-powered investment growth, and injecting new life into the stagnant South Korean stock market.
Energy Kyungjae analyzed changes in the assets of the 16 members of the National Assembly’s Culture, Sports and Tourism Committee since their last public declarations in March. The findings revealed that these lawmakers have been investing heavily in cryptoassets such as XRP and PEPE, as well as overseas tech stocks and unlisted shares, while seemingly neglecting the domestic stock market.
One of the most active crypto investors among the lawmakers is Jin Jong-oh, a proportional representative from the main opposition People Power Party. Jin was found to be holding significant amounts of XRP, XCORE, and Paycoin (PCI), with the value of these assets quadrupling in recent months. Additionally, Jin’s mother has diversified her crypto portfolio with investments in metaverse and GameFi-related coins, including Bitcoin, Chiliz, Sandbox, and over 3.2 billion Pepe (PEPE) coins.
On the other side of the political spectrum, Yang Moon-seok, a member of the ruling Democratic Party, has also shown enthusiasm for cryptocurrencies by holding XRP. The lawmakers have not limited their investments to just crypto, as many have also shown interest in US tech stocks such as Microsoft, NVIDIA, Apple, Broadcom, and Tesla, as well as unlisted gaming stocks like Xten Games and Memray.
Overall, the report sheds light on the growing interest and involvement of South Korean lawmakers in the cryptocurrency space, showcasing their diverse investment portfolios that include a mix of traditional assets and digital currencies. It remains to be seen how these investments will evolve in the future as the crypto market continues to evolve and mature.