One Third Of South Korean Workers Hold At Least One Crypto Form As Per Recent Survey
From the very beginning, South Korea had been one of those cryptocrazy nations which had been engaging in record trading volumes even with the price of cryptos being subject to extreme volatility. A survey conducted recently by an online job portal Saramin confirmed the fact that one of every three South Korean workers hold at least one crypto form in their virtual wallet.
31.3% of the 941 respondents who participated in the survey have investment in cryptocurrencies such as Bitcoin, Ethereum etc. The main motive behind the South Korean workers choosing cryptocurrencies as an investment medium is that they feel this is “the fastest way to earn high profits.”
This reason received the backing of 54.2% respondents whereas 47.8% wished to build up a commendable portfolio by relying on just a small capital base and the rest 30% were firm believers of the long-term benefits associated with crypto investment. In an average, the workers had invested approximately $5400 or 5.6 million won with the majority investment figure being below the 1 million mark. The results of such crypto holdings were not uniform. Thus, whereas 80% of the workers reported profit from their holdings, 6.4% reported loss figures. More than 100% return was reported by 19.4% of the workers.
As the crypto market underwent a freefall in the last few days, a large number of investors lost significant amount of money. Ranging from stratospheric heights of $20000, the price of bitcoin fell to below $15000 figures creating much concern amongst crypto aficionados who were rooting for the digital token to reach record heights. Since the crypto market has not been regulated till now, volatility of such extent is only natural. Simon Grunfeld, the founder and executive director of Ibinex stated out in an interview held one month back that, “On a foreign exchange you’re talking about a 5 trillion-dollar daily turnover. Cryptos are nowhere near that at this point. So, in order to see the smooth trends, relatively speaking, from a daily perspective or a weekend perspective, you just need to have a lot more volume.”
Thus, it is understandable that, as people start investing small amounts in the crypto market at an increased scale, it will help the digital sphere in winning over volatility since the market won’t be receiving a blow from massive price fluctuations in such a scenario.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.