According to a survey reported by Arirang TV, more than 7% of South Korean people have already invested in crypto. The poll was conducted by the Korea Financial Investors Protections Foundation, which interviewed around 2,500 Koreans between the ages of 25 and 64 at year-end 2018 in Seoul and five more cities in the country. The results indicated increasing popularity of Bitcoin among South Korean investors, with 7.4% of the people owning crypto assets, a number that has increased from 6.4% last year. The average size of the investment has also grown over the past 12 months by 64%, roughly amounting to USD 6,100.
And although it is usually assumed that the millennials have been fueling the crypto demand boost, the poll suggests that it is actually Gen X-ers who are splashing the cast for the crypto assets. For instance, the report revealed that South Koreans in their 50s have invested an average of USD 11,000 into crypto, which is twice the average amount of the next age group of investors in their 40s and 30s. Although this can be attributed to the older investors having a higher net worth, it also reveals an ever increasing willingness among South Koreans near the retirement age to invest in the supposedly risky assets.
These numbers are all the more impressive when one considers the volatility and hack attacks the country’s crypto landscape has suffered over the last few years. For instance, South Korea faced one of the worst hacks in crypto’s history, in the shape of Bithumb suffering a colossal security breach and losing USD 20 million just last month. A similar incident last year resulted in the loss of USD 30 million worth of crypto from investors. But the strong numbers shown in the report suggest that despite all these setbacks, Korean investors still have faith in the technology and its prospects of growth.
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