30% Of Wealthy South Koreans Consider Crypto Investment

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Last Updated on 16 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The recent hype surrounding Squid Game, the popular Netflix series, showed how much South Koreans are willing to invest in order to make a profit. Whereas Squid Game was mostly focused on those on the losing side of the trade, it is clear that the Asian nation also has a lot of investors who have gotten wealthy by being early in on trades.

Back in 2017-2018, when Bitcoin rose to $20k for the first time, about a third of South Korean youngsters were invested in crypto.

At that time it was reported that South Korea’s biggest crypto exchange Bithumb, held more than $6 billion in user funds.

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Wealth report 2021

Their appetite for crypto investment has not abated over the years apparently. According to reporting from KB Financial Group’s Korea Wealth Report 2021, about 30% of wealthy South Koreans (possessing more than 1 billion Korean won, or some $850k) declared they would consider investing in crypto if the opportunity presented itself favorably.

The reluctance of this (mostly older) part of the adult population in South Korea is due to the higher risk of investment losses.

Lee Jae-myung, a popular candidate running in the upcoming presidential election, has even made the needs of the crypto investors in their 20s and 30s part of his campaign. As such, he wishes to delay taxing virtual assets, calling it “a national strategy of isolationism” for crypto.

He claimed that South Korea needs “to establish a framework for issuing and circulating globally recognized virtual assets. It’s a revolution in the sense that it’s like creating a new currency.”

Over in the US, 16% of adults have admitted to invest in crypto by now. Bitcoin, Ether and Doge are especially popular among the male demographic between age 18 to 29.

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