Korean national television and popular news network recently featured Bitcoin entrepreneurs Simon Dixon and Roger Ver to demonstrate how bitcoin is used often to settle peer to peer transactions in Korea.

Since 2014, an increasing number of venture-backed bitcoin startups including Coinplug and Korbit have emerged, enabling Korean bitcoin users and traders to purchase and sell bitcoin with ease.

Korean bitcoin startups, specifically Coinplug have sponsored bitcoin meetups, conferences and events to increase mainstream bitcoin awareness in Korea. Due to these efforts, the number Korean bitcoin users have grown significantly over the past few years, as cafes, restaurants and apparel stores in Seoul and Pusan have begun to accept bitcoin.

Bitcoin entrepreneurs and investors including Simon Dixon and Roger Ver explained in an interview that they see a huge potential for bitcoin in the Korean market, based on the growing bitcoin industry and community in the country.

“It is a technology which changes everything in Finance,” explained BankToTheFuture CEO and co-founder Simon Dixon during an interview. “It acts as a currency because people can transfer value virtually free anywhere around the world. It also acts as a commodity because it’s a fixed supply and it tends to be very volatile as a result.”

The Korean news network further emphasized that established financial institutions, banking groups and central banks worldwide are exploring the potential of the Bitcoin blockchain technology in the traditional finance sector and that the decreasing supply of bitcoins is causing the price of the digital currency to spike.

“Right now there is today around 15 million bitcoins in the entire world and just a few people with not very much money can really have a big effect on the price but that is going to change and that volatility will slow down over time as more and more people around the world are using bitcoin,” stated Bitcoin entrepreneur and Angel Investor Roger Ver.