South Koreans are still in love with cryptocurrencies in spite of all the regulatory hurdles and tightening demands of the local government agencies. Even more, they seem to be spending more on crypto than they did back in 2017.
This conclusion can be drawn from a survey run in December 2018 by Korea Financial Investors Protection Foundation, an NGO that questioned about 2,500 individuals in order to reach some very interesting results.
One of these results indicated that the number of South Korean citizens investing in cryptocurrencies actually increased over the last 12 months, all this with a cryptomarket business passing through a difficult 2018 that saw the main digital currencies losing around 80% of their overall prices, not to mention the emergence of tougher regulatory measures for Initial Coin Offerings and online criminals attacking crypto exchanges.
In addition to this unexpected user growth, existing individuals who already owned cryptocurrencies decided to buy even more. The same study reveals that comparing to 2017 the average investment for a South Korean citizen went up to reach more than $6,000.
An interesting novelty for the cryptocurrency market exposed in the survey is represented by the age of South Korean investors, most of them people in their 50s who are closely followed by the more active category of 30 to 40 year olds.
This is interesting to know as usually people who are in their 30s or 40s display the highest interest for crypto investment options and new technologies. Of course, this comes only to confirm that most South Koreans are well-educated and informed on the latest trends and technologies that can impact positively our lives. More than this, it is a clear indicator that in time this tendency will come to include other countries where people look to find investment alternatives to traditional saving options.
As the market sentiment started to shift at the beginning of April 2019, South Koreans returned to crypto investment looking to be part of the new bull market emerging at the horizon. South Korea continues to remain one of the most crypto-friendly nations in the world and its citizens preserve an enthusiastic view of digital assets while highly appreciating the blockchain technology with its privacy and security features.