South Korea’s Millennials Are Holding up More in Bitcoin Investments

More millennials are dealing with Bitcoin and cryptocurrencies in South Korea than in the United States. 70 percent of those surveyed in all age groups say they are using it as an investment. Older people are investing more money in cryptocurrencies in terms of total value.

Korea Financial Investors Protection Foundation has reported that one out of five people in South Korea. Since they are investing in one or more forms of cryptocurrencies in their 20s. The foundation said 14 percent of 2,530 South Korean adults surveyed in December said they experienced buying cryptocurrencies.

70 percent of the respondents said they deal in cryptocurrencies for purposes of investment while 30 percent said they use them for transactions. Seven percent said they plan to buy cryptocurrencies in the future. Although most of those who haven’t invested in crypto yet are wary of hacking and volatility. It is therefore likely that the situation will change given the latest attempts by regulators. It is to prevent sizeable losses and financial crime related to cryptocurrencies in the country.

By extension, 14 percent would mean about 3.8 million people out of the population of 27.5 million working South Koreans as per the count last year. 23 percent among those in their twenties say they have bought virtual currencies. This is the highest rate among all age groups. In comparison, those who bought cryptocurrencies in their thirties were 19 percent. Only 8 percent of those in their forties reported having bought cryptocurrencies while those in their fifties were only eleven percent. However, those in their forties and fifties had more than double average investment ($6,000) in cryptocurrencies compared to what those in their 20s invested ($2,741).

Japan is a world’s popular destination for cryptocurrencies. Besides, the United States in terms of global Bitcoin transactions.

Moreover, comparing the figures, four percent of U.S. millennials aged between 18 and 34. Since they said owned Bitcoin during an October last year survey.

In South Korea, about half of investors aged twenties and thirties spent less than $930.75 percent and 9 percent bought more than $9,300 worth of virtual currencies.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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