What happened?
An exclusive social club in South Korea called DYAD Cheongdam, charging an annual membership fee of KRW 1 billion ($734,290), might exclude people who earned their wealth from cryptocurrency trading. The club, located in the affluent district of Cheongdam, will officially open in summer 2026 and claims not everyone with money can join. Prospective members need letters of recommendation from two existing members to be considered for membership.
Who does this affect?
This affects wealthy individuals in South Korea, especially those interested in joining exclusive social clubs, and more specifically, successful cryptocurrency traders who may find themselves excluded from this particular club. Businesspeople, startup CEOs, and cultural figures are among the main demographics targeted by the club’s membership. It highlights a social divide between traditional wealth and those who have gained wealth through newer ventures like cryptocurrency.
Why does this matter?
The exclusivity of such clubs, along with their selective criteria, underscores broader social and economic dynamics, particularly how new wealth—especially from cryptocurrencies—is perceived within elite circles. This could impact the market by influencing where high-net-worth individuals choose to invest or affiliate, potentially leading to a deeper examination of the acceptance and integration of cryptocurrency-derived wealth in traditional social and financial systems. As crypto continues to grow, barriers like these highlight ongoing tensions between old and new money.