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Author Topic: [2018-03-28]Survey: Younger Koreans More Likely to Invest in Crypto  (Read 43 times)
Reatim
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March 29, 2018, 12:59:00 PM
 #1

Survey: Younger Koreans More Likely to Invest in Crypto

Nearly a quarter of South Koreans in their twenties want to invest in cryptocurrencies, according to a new poll conducted by Bank of Korea.

Yonhap News reported Tuesday that the bank's survey examined cryptocurrency awareness among 2,511 Korean residents, with the age of the respondents ranging from people in their twenties to their seventies.

Notably, the survey found that roughly 30% of people in their twenties and 40% of those in their thirties are familiar with cryptocurrencies, while only 21.6% of the overall group was aware of the tech.

Perhaps unsurprisingly, the numbers were not as high among the older generations: only the older generations, 5.7% of people in their sixties and 2.2% of people in their seventies had any knowledge of cryptocurrencies.

Younger survey participants also displayed a greater appetite for investing in cryptocurrencies. Some 24.2% of those in their twenties said they were "eager to invest in cryptocurrencies," according to Yonhap, compared to 20.1% for those in the thirties age-group.

Yonhap noted that an estimated 2 million people currently own cryptocurrencies in South Korea, or about 4% of the country's roughly 52 million residents, which is perhaps reflective of the fast-growing market for trading there.

And while Korean officials have reportedly raided three different exchanges as part of a larger embezzlement probe - signaling that regulators have no plans to stop policing the space - other firms are entering the market to capitalize on the interest.

The company behind Kakao Talk, the country's most popular messaging app, confirmed this week that it is launching a blockchain-focused subsidiary. At the same, it rejected rumors that it is preparing to launch a cryptocurrency and associated token sale.

https://www.coindesk.com/survey-younger-koreans-more-likely-to-invest-in-crypto/

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March 29, 2018, 08:01:34 PM
 #2

The allure of cryptocurrency appeals to younger people way more than it does to older people. It is easier and less boring for the younger ones to understand the technicalities behind blockchain technology than for the old ones who unfortunately form majority of the people in government passing down tough regulations on crypto as a whole.

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March 29, 2018, 10:13:44 PM
 #3

As far as I know, new generation of Koreans are deeply in investing and getting passive income out of their investments. Investing culture is very strong and these people know how to make money. Sure they will be interested in Crypto!
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March 30, 2018, 09:15:54 AM
 #4

I suppose what these statistics show the most is that the assumption that most people are unaware of crypto is wrong.  This is also true in America.

As for the fact that young people are generally more interested, that could be for a couple of reasons.  For one thing, young people are typically more impulsive and more willing to take risks (especially young men). 

Also, they're generally more interested in newer ideas and they're also less accustomed to older ones.  Many of these people are not involved in the stock market and other traditional investments.
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March 30, 2018, 09:30:53 AM
 #5

I am not aware of their laws about the requirements needed to open up a cryptocurrency exchange account but I think the regulation in their own exclusive exchanges are way easier compared to opening up an online stock exchange account, this could be the reason why people are considering cryptos over other forms of investment, not to mention the returns are astronomically high compared to what you will get in stocks. Usually youngsters are practical and they don't care about what the risks are as they always look for the quickest way to get money.

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March 30, 2018, 09:37:16 AM
 #6

Well, I'm not surprised that younger generations not just in South Korea is joining cryptoverse. Crypto is the new revolution, as opposed to the traditional stocks which we have been accustomed though in the past. Younger generations tend to look at experimenting new things and most likely find the idea of investing in crypto attractive to them. Or maybe they see crypto as a quick rich scheme, so they pour their cash on it, but I'm sure that they are the one who bailed out when the price is taking a beating. Or maybe millennials think that they can revolutionized this world by joining into this unregulated cryptosphere wherein there is no central authority.

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March 30, 2018, 09:47:17 AM
 #7

Why are we talking only about South Korea? I am sure that this is the situation in all countries. Youth is always easier-versed in the novelties. Young people have their whole lives ahead of them, so it is interesting for them to be at the center of technological progress. Old people lose interest in life and do not want to change anything. They're nostalgic for old technology, and that's why I often see old people who don't use smartphones, for example. Also happens with cryptocurrency.

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March 31, 2018, 10:28:46 AM
 #8

Survey: Younger Koreans More Likely to Invest in Crypto

Nearly a quarter of South Koreans in their twenties want to invest in cryptocurrencies, according to a new poll conducted by Bank of Korea.

Yonhap News reported Tuesday that the bank's survey examined cryptocurrency awareness among 2,511 Korean residents, with the age of the respondents ranging from people in their twenties to their seventies.

Notably, the survey found that roughly 30% of people in their twenties and 40% of those in their thirties are familiar with cryptocurrencies, while only 21.6% of the overall group was aware of the tech.


South Korea is a country with the most portion of people, who invest money in cryptocurrencies. I believe, near 30% of local community invested their funds in crypto, that is why young people find this market attractive.

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April 01, 2018, 02:39:45 PM
 #9

It's not surprise for the young ones to have more interest over crypto. I imagine most from the older generation would simply dismiss it because of the difficulty of understanding it, as with other technology. It seems that despite there has been strict regulations over the exchanges in Korea, there is still interest of investing from the younger generation. Perhaps the young ones are anticipating more developments of crypto, as said that Kakao Talk plans on launching a blockchain subsidiary.
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April 01, 2018, 03:03:40 PM
 #10

I suppose what these statistics show the most is that the assumption that most people are unaware of crypto is wrong.  This is also true in America.

As for the fact that young people are generally more interested, that could be for a couple of reasons.  For one thing, young people are typically more impulsive and more willing to take risks (especially young men). 

Also, they're generally more interested in newer ideas and they're also less accustomed to older ones.  Many of these people are not involved in the stock market and other traditional investments.
Maybe if to look on number younger people are really at the first place, but I doubt that young generation can invest a lot of money in crypto, generally just cause of they do not have much money in such young years. Logically. So, by the volume of investments I guess elder people take the first position in any case.

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April 01, 2018, 03:23:27 PM
 #11

There were many research and surveys before also that have concluded that millennial makes the maximum percentage of crypto investors. Millennial has the risk taking potential. Cryptocurrencies with high volatility and risk isn't preferred by the older generation who tend to go with traditional investment asset. Cryptocurrencies which give quick profit in shorter time but with huge risk is something younger generation is fond of. So, it isn't a surprise that the max percentage of cryptocurrency in Korea is of younger generation.


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April 01, 2018, 05:25:22 PM
 #12

It is not only about yung koreans, it is happening worldwide and there are 2 reasons for that. Firstly, young people wan't to earn money without sitting in office every day; secondly - it is usually yung generation who is pushing the progress forward.
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