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Survey Says 31% of South Korean Workers Are Cryptocurrency Investors

Dec 28, 2017 Posted /  7049 Views

Survey Says 31% of South Korean Workers Are Cryptocurrency Investors

In a deep research, data shows that about 3 out of every 10 South Korean employees have invested in crypto currency in some shape or form. 

31.3% Invested in Digital Currencies

On Wednesday, online job portal Saramin surveyed 941 salaried people in South Korea, and 31.3% of them claimed to have invested in Digital currencies, with an average investment of 5.66 million won ($5,300).

Among workers surveyed, 44.1% invested less than 1 million won, while 18.3% invested between 1 and 2 million won. 12.9% said they invested more than ten million won, 9.8% invested between 2 million and 4 million won, and 7.8% spent between four million won and six million won.

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As to the logic behind their investment in digital or virtual currencies, 54.2% of people believed it was the fastest way of making money, while 47.8% said it was easy to invest a small amount of money in digital or virtual currencies.

Just like any other expense, some win, some lose. About 80.3% of workers surveyed said their investments in cryptocurrency were powerful, 6.4% said they lost money, and 13.2% said they broke even. 21.1% of those who received money made of over 10%, while 19.4% said their returns were more than 100%.

Boom Amid Rising Difficulty

South Korea has been particularly active in bitcoin. The country is home to three of the world’s largest exchanges, accounting for as much as 20% of worldwide bitcoin trades.

It is determined that 2 million people in South Korea possess bitcoin and other digital and virtual currencies. The surging bitcoin price has been attracting newcomers, from college students checking values between classes to grandparents playing the market at home. And they are willing to pay a reward of between 15% and 25% over global rates in hopes that the bitcoin rally will continue. Local traders call it the “kimchi premium,” referencing the country’s popular fermented cabbage dish.

With so many scanty investors diving in, South Korean authorities are getting worried about the possible impact of a crash. Earlier in December, the government declared it was preparing a bill attempting to ban activities linked to digital currencies, including the dealing of bitcoin unless they take place through exchanges that meet six conditions.

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Tags: Cryptocurrency Investors South Korean cryptocurrency invested in cryptocurrencies

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