31% of South Korea’s working-class investors are cryptocurrencies

nRunaway commentary: South Korean website Saramin recently conducted a survey of some of South Korea’s working-class and found that 31.3% of them are engaged in encrypted currency investment. Although some people have failed in their investment, most people benefit from the overall situation. With Bitcoin prices skyrocketing in the last two months of this year, many retail investors began to study and participate in this new market. This situation is quite worried about the South Korean government, prompting it to accelerate the specification of cryptocurrency-related behavior.n
nTranslation: Inan
South Korea 31.3% of working-class investment in virtual currencyn
On Wednesday, South Korea’s online job search portal Saramin conducted a survey of 941 working-class adults, with 31.3% claiming virtual currency investment, with an average investment of 5.66 million won ($ 5,300).n
Among those surveyed, 44.1% invested less than 1 million won and 18.3% invested between 1 million and 2 million won. 12.9% said that they invested more than 10 million won, 9.8% invested 2 million -4 million won, 7.8% invested 4 million -600 million won.n
As for the reasons for investing in virtual currencies, 54.2% of people think this is the quickest way to make money, while 47.8% think it is relatively easy to make small investments in this currency.n
Like any other investment, some earn, others lose. About 80.3% of respondents said their investments in cryptocurrencies paid off, while 6.4% said they lost money while 13.2% said they even went bankrupt. Of these, 21.1% reported returns above 10% and 19.4% reported returns above 100%.n
n
Market prosperity is accompanied by an increase in uncertaintyn
South Korea is particularly active in bitcoin. It owns three of the world’s largest cryptocurrencies, accounting for 20% of global Bitcoin transactions.n
It is estimated that 200 million people in South Korea own bitcoin and other digital currencies. The surge in bitcoin prices has attracted a great deal of newbies – from college students to seniors. They are willing to pay a premium of 15% to 25%, hoping Bitcoin’s gains will continue.n
With so many individual investors joining the market, South Korean authorities are concerned about the potential impact of the crash. In early December, the South Korean government said it is preparing a bill to ban activities related to digital currency, including bitcoin, unless the deals are conducted on six exchanges that meet its requirements.n

Leave a Reply

Your email address will not be published. Required fields are marked *