Korean investors love cryptocurrencies and their investment trends over the years show that this flame is hard to dwindle. According to a new report by the Korean Financial Investors Protection Foundation, a non-profit, Korean are spent an average of $6,000 on digital currencies. The survey was conducted in December 2018, when the prices of digital currencies were inching towards new lows.
Koreans Spend Their Money on Bitcoin
The survey report from the non-profit was picked by local news station Arirang Daily which said that the investors spend an average of $6,000 on Bitcoin and other crypto coins. Their survey took the views of 2,500 adults in the country into account and found that 7.4% owned some kind of cryptocurrency. The number has increased by 1% since last year. Of this group, people aged 50 and above had invested the highest in digital coins. They averaged at over $11,000 per person, followed by people in their 40s and 30s.
The average investment per person was $6,097, marking a 64% rise since last year. Interestingly, those who had not bought any digital currencies were unlikely to change their mind because of market volatility and hacking risks in the industry.
The Tumultuous Story of Crypto in Korea
Korea has been one of the hotspots of crypto activity in Asia and was well-known for selling many coins at a staggering premium. According to a New York Times report from October 2017, South Koreans were investing in Bitcoin alternatives like Ripple and Ethereum. Exchanges like Bithumb and Coinone were at the center of this rising interest in virtual currencies. However, after the December 2017-January 2018 bull market, the regulators started tightening their grip on the market and tied real identities with accounts in crypto exchanges.
Though hacks have rattled the South Korean crypto markets in the past, rising prices of digital coins could keep the investments flowing.
The post South Korea’s Love Affair With Cryptocurrencies Continues Amidst Harsh Times appeared first on TokenMantra.