Musk’s Bitcoin Investment Pushes South Korean “Moms” Into Crypto Market

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Last Updated on 23 March 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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Hype sign or hopeful sign? No telling at this time but the millions of millennials (the generation born between 1980 and 1994) that already invests in crypto is be out to be joined by the female Xennials (the generation born between 1975 and 1985) apparently.

At least if targeting countries are correct. Sounds confusing. Allow us to explain.

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K-Pop Stans

For marketeers, some countries are more important than others. The clothing trends in Europe and the US were, until 2010, mostly inspired or based on what Japanese teens were wearing. This is because between 1980 and 2000, Japan was booming and it’s youth was able to afford more than any other in a developed economy. Furthermore, Asian youngsters are always more into tech and hype than westerners. As Japan stagnated between 2000 and 2010, the attention started to shift towards another economy, namely that of South Korea.

The most obvious power of South-Korean youngsters are the K-Pop stans, the army of online fans of bands like BTS which can influence Twitter trends in minutes. Because of this online power and the fact that their younger generations are into tech, marketeers of worldwide companies look at South-Korea for trends that might come over to Europe or the US afterwards.

Serious after Tesla

One of the latest fads is that the popularity of Tesla has inspired a whole new generation of South Koreans, namely the “moms” to invest in crypto.

South Korean Blockchain guide Mira Kim discussed the new phenomenon in an article that has since gone viral in Asia, entitled Mom’s a BTC investor.

It would appear that females aged 40-49 are currently serving as a whole new demographic of South Korean crypto clients.

Ms Kim stated:

Things started to get serious after the Tesla news broke. I think it was a key moment of validation, and crucially it was followed by sustained growth. That led some older folks – many of them female – to get in touch with brokers and tell them: ‘Look, I have USD 1,000-2,000 and I’m not afraid to lose it.

I want in, but I don’t know how to go about it from a technological standpoint.’ In some cases, their husbands are still umming and ahing about crypto, but the wives are charging in, perfectly aware of the risks.

Tesla is one of the only US status symbols that is highly respected in South Korea. In fact, Tesla sold 80% of all imported EV (electric vehicles) last year.

Bithumb and Upbit have both admitted the Tesla effect. According to both exchanges active in Asia, new account signings as of late:

Over 30% are aged 40-49, with thirtysomethings following with 27.6%. The over-50s comprised over 21%. Those aged 20-29 made up simply 19%, with youngsters accounting for a paltry 1.5%.

If that is the Musk effect, we’ll gladly welcome it of course. Let’s see if Europe follows along the same line.

PromesaStudio / Depositphotos.com