[2018-03-14] Survey Finds South Korean Youth the Most Active Crypto-Investors

[limek]

A survey released this week reveals that many South Koreans in their 20s are actively investing in digital assets. The region has become a hotbed for cryptocurrency exchanges as more than 2 million South Korean citizens own one of the top digital assets.

South Koreans in Their Twenties: The Most Active Crypto-Investors

According to the regional publication Yonhap, South Korean residents in their 20s are very active when it comes to cryptocurrency investments and trading. South Korea is Asia’s fourth-largest economy and its become a popular region for trading digital currencies despite pending government regulations. The local news outlet details that over 2Mn South Koreans residents claim to own popular cryptocurrencies like bitcoin cash, ripple, bitcoin core, and ethereum. The Korean Financial Investors Protection Foundation ran a survey in December and questioned 2,530 South Koreans between the ages of 25-64.

The survey’s data shows that around 22.7 percent of the respondents were in their twenties and are very “active” within the cryptocurrency ecosystem. Out of all the age groups, an average of 13.9 percent were also relatively active digital currency investors. These metrics were followed by South Koreans in their thirties (19.3%) and their forties (12%).

“Numbers for people in their 60s reached 10.5 percent and those in their 50s at 8.2 percent,” explains the Survey’s data.

More Than Two-Thirds of the Survey Respondents View Cryptocurrencies As an ‘Investment’

Even though investors in their sixties were low on the list, the survey explains that this age bracket was the highest on record in the amount of the investments made. The Korean Financial Investors Protection Foundation says that this group spent an average of 6.58 million won (US$6,161). The 30-year old age bracket had shown that they paid 3.73 million won ($3,478 USD), and those in their twenties around 29.3Mn won ($27.2K USD). Moreover, the study details that over 70 percent of South Koreans surveyed view cryptocurrencies are an “investment.” While 34 percent of the 2,530 respondents use digital currencies as a payment service.

Source: https://news.bitcoin.com/survey-finds-south-korean-youth-the-most-active-crypto-investors/

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[jamids]

Not surprising to see that most active are the millennials because this is the age group wherein they already adopt the shifting of industrial age to information age and the usage of computer and internet. Since they are active in the online world and know the importance of technology in the businesses nowadays, they are interested as well in the new technology which is the blockchain technology.

Millennials are already in the age wherein they can earn their own money but are also interested in technology so this is not be expected. Besides, Generation X and Baby boomers is not that interested in technology and believe more in traditional investment vehicles like stocks and mutual funds.

[MyLitecoin]

Asia is really the most crypto-friendly region right now. Despite the China drama. And in Asia, S. Korea is one of the three Asian countries with a first-world economy.

Unlike the Western regions, S. Korea is very money-oriented. I don't want to stereotype, but in S. Korea it's almost a tradition that arranged marriages are made by the parents of two children when they're only in high school (they don't get married until they're legal though, duh). And the arranged marriage is almost 100% to secure the livelihood of both children, making sure that the groom comes from old money and the girl as well.

In fact, if you're not making a lot of money in S. Korea, you're going to be ignored by the girls. It's not because of women being materialistic, it's because that's just the culture there.

That said, young men are going to be driven by money and productivity. And crypto is a rife attraction. They've all read the stories of midnight millionaires who bought 10 bitcoin one summer, and suddenly have 5-figures or more three months later. It's easy money -- a way out of the angst of trying to have wealth to impress their society.

And so it attracts them like bugs to a bright light. It's the answer that will get them acceptance and realize all their dreams of marriage with a proper wife and rank in their society. It's the salvation from the expectations of their parents and family to make money and make something of themselves.

So it's understandable why these 20-29 year old's are into crypto in S. Korea versus the West.

And here's why the 30+ year old's aren't into it: because they're so busy with their current business obligations. At 30 years old in S. Korea, you've either made it or you've already given up. The 30-year olds are busy with their built empires or rising in their corporate ladder. They're overworked and trying endlessly to keep a social status that they're demanded. They don't have time to venture into a perceived huge risk -- crypto. Crypto is still new, after all, and the word is: it's just a HYIP-like investment. So the 30+ do a mitigated risk assessment and decide to go with what's safe and what's made them accepted -- their corporate climb. It's harder for them to go into risky ventures because if they lose their money, they lose their status... and status is everything there.