Older South Koreans Are the Biggest Cryptocurrencies Investors
Crypto investment is mostly associated with the younger generation. However, reports show that South Korean seniors participate in the digital currency life much more than younger investors.
As the survey of 2.530 adults conducted by the Korea Financial Investors Protection Foundation in December shows, older investors are much more frequent participants of the cryptomarket than the younger ones. Although when it concerns buying or selling, the latter are more active.
People in their 60s invaded more than other age categories, 6.59 million Korean Won in total, about $6.196. According to Kwon Soon-chae, the older the investor is, the larger is his investment. Senior analyst at the Korean Financial Investors Protection is concerned that older investors don’t fully understand what they are involved into. He is afraid they are going to lose their retirement savings on cryptocurrencies.
According to the same survey, about 23% of South Koreans in their 20s have already had experience in cryptocurrency buying and selling, and 19% of people in their 30s have had the same experience. 12% of South Koreans at their 40s are also investing in cryptocurrency, and only 8% of South Koreans in their 50s have been involved in cryptocurrency trading.
According to Korea Joongang Daily, 42% of participants over 60 years old have invested over 3 million won into cryptocurrency. However, the hype around the cryptocurrency has already died down comparing to the last year. As the survey showed, the respondents who kept investing in digital currency made up just 6.4% of the general pool.
7% of the respondents have declared that they want to keep investing in cryptocurrencies, and 23.1% were not going to make any investments in future. The biggest concerns of the respondents were the hacks threat and the volatility of the cryptocurrency.