A New Survey Suggests South Koreans Invest An Average $6,000 In Cryptocurrency

by | Apr 22, 2019 | Cryptocurrency, Cryptocurrency News

South Korea | Cryptocurrency | Investors

South Koreans have been getting increasing incline towards cryptocurrency, as reported by a local daily news network Arirang Daily News on April 20.

The reports referenced a December 2018 survey, performed by a non-profit organization the Korea Financial Investors Protection Foundation that infers 7.4% of the 2,500 adults surveyed said they had bought cryptocurrency. Notably, despite the industry facing hurdles in the form of shifting regulation and various exchange hacks, the figures have gone up by 1% in comparison to the year before. 

The increase is not just the number of purchasers, a comparable increase can also be recorded in the willingness of the already cryptocurrency owners to buy more. Arirang stated that Compared to 2017, the average investment per person shot up 64% to over $6,000.

The survey further revealed that the older investors, those in their 50s are the most common crypto buyers, closely followed by 30-40-year-olds. 

The recent price uptick of bitcoin (BTC) to $5,300 at the start of April has spurred the re-emergence of a bullish trend peculiar to the South Korean market. The phenomenon is dubbed as “Kimchi Premium,” and observes local traders pay a premium for bitcoin in particular on exchanges when measured in USD terms.

Read more: JPMorgan Chase Incorporates New Features To Its Blockchain-Powered Network For Global Banks

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