Older South Koreans Are The Biggest Investors in Cryptocurrencies

· March 11, 2018 · 1:00 pm

While most individuals affiliate cryptocurrency funding with the youthful half of the generational spectrum, studies have proven that seniors in South Korea are going considerably more durable in the digital paint than youthful traders.

Respect your elders

According to a survey of two,530 adults by the Korea Financial Investors Protection Foundation carried out final December, older traders are getting concerned in cryptocurrency far more aggressively than youthful traders — although the latter is extra energetic in terms of shopping for and promoting.

People in their 60s invested bigger quantities than another age demographic, totaling 6.59 million Korean Won — or $6,194 USD. “The older the investor, the larger the investment,” Kwon Soon-chae, instructed Korea Joongang Daily.

However, senior analyst on the Korea Financial Investors Protection Foundation is apprehensive that older traders don’t actually perceive what they’re getting themselves into. Said Soon-chae:

There’s a necessity for older traders to not lose their retirement financial savings on cryptocurrency investments.

The survey additionally revealed that roughly 23 % of South Koreans in their 20s have expertise in shopping for cryptocurrency, whereas folks in their 30s aren’t far behind at 19 %. The probability of a South Korean in his or her 40s investing in cryptocurrency, in the meantime, was 12 %, whereas somebody in their 50s was solely eight %.

In regards to funding measurement, South Koreans in their 20s averaged 2.93 million Korean Won, versus folks in their 30s and 40s who each invested lower than four million received. Those in their 50s weren’t far behind these in their 60s, at 6.29 million received.

As famous by Korea Joongang Daily, 42 % of contributors in their 60s have been investing greater than three million received, whereas 21 % invested greater than 10 million received. Of these in their 50s, lower than 10 % invested a bigger sum than 10 million received, as in comparison with contributors in their 20s and 30s, of which 40 % put lower than 1 million received.

The hype is over

Perhaps most significantly, the survey signifies that the hype surrounding cryptocurrency — significantly throughout the unprecedented bull run which came about late final yr — has cooled off.

According to the survey, respondents that continued to speculate in cryptocurrency made up solely 6.four % of the entire pool, whereas 31.three % by no means even dipped their toes in digital forex’s waters.

A very regarding statistic for cryptocurrency fans is the truth that one 7 % claimed they’d proceed to speculate in digital currencies, whereas 23.1 % admitted emotions of reluctance. Meanwhile, 70 % claimed they’d no plans to speculate in cryptocurrency.

Respondents’ largest concern was the specter of hacks, whereas volatility got here in because the second hottest motive for refraining from cryptocurrency investments.

Are you in any respect shocked to be taught that older Koreans are extra aggressive cryptocurrency traders? Do you assume the downtrend to begin 2018 is scaring traders away? Let us know in the feedback beneath.

Images courtesy of Bitcoinist archives, Shutterstock

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