An advertisement for cryptocurrencies is displayed on a building in Hong Kong in November 2021. AP-Yonhap

When bitcoin’s price hit an all-time high of $126,210 last October, Lee Roo-da made up her mind. She would bet big when the next bear market came. That bear market has indeed arrived, but she remains hesitant.

“Semiconductor stocks have been performing extremely well. Come to think of it, semiconductors are an industry with real earnings, whereas bitcoin isn’t,” the 33-year-old office worker told The Korea Times. “What if this is the end? Even if it isn’t, how long will I have to wait for the price to go up?”

Korea has long held a strong presence in the global crypto market, backed by enthusiastic retail investors, widespread internet…