Majority of South Korean investors trading in cryptocurrencies are in their mid-20s
Cryptocurrency has not failed to attract investors with its tremendous and absurd increase in their stock value. According to a recent survey in South Korea, people in their mid-20s are most interested in trading in cryptocurrency than the rest of age groups.
Korea Financial Investors Protection Foundation [KFIPF] surveyed 2,530 people between the age group of mid-20s to 65 years. The results were not so shocking as they revealed that 23% of the people who are currently in their mid-20s bought or invested in cryptocurrency. They are followed by people in their 30’s with 19%, 40’s with 12%, 50’s with only 8% involvement in trading.
Kwon Soon-chae, a senior analyst at KFIPF says:
“The older the investor, the larger the investment. There’s a need for older investors to not lose their retirement savings on cryptocurrency investments.”
Even though 20 years olds constituted the majority of the percentage, the people in their 60s have the highest amount of money invested in cryptocurrency amounting up to 6.29 million. The 20-year-olds invested 2.93 million followed by the people in their 30’s, and 40’s at 3.99 million, 3.73 million respectively.
The survey also concluded that 70.2% brought cryptocurrency as a means of investment and the remaining brought it to pay for some kind of services or goods.
These surveys were conducted in other parts of the world as well and they yielded similar results. A UK based cryptocurrency exchange called London Block also showed similar results in their survey. According to London Black, out of 2000 adults surveyed, 5% aged below 45 have invested in cryptocurrency and another 11% said that they are planning to invest in the year 2018.
It is also said that one-third of the so-called millennials are ought to invest in cryptocurrency this year.
Even though it looked good until last year December, many of the young investors who invested in cryptocurrency lost their money at the beginning of this year as the prices of all cryptocurrency dropped drastically.
Park, a Google intern who presently works as a writer says that:
“I didn’t want a fortune, I just wanted enough to give me that glimmer of hope now it’s gone.”
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