An employment platform’s survey has revealed 3 out of 10 office workers polled in South Korea are cryptocurrency investors.
In a survey published on Wednesday by Seoul-based online employment platform Saramin, 31.3% of 931 office-goers polled claimed to be invested in cryptocurrencies, with an average investment of ₩5.56 million (approx. $5,170) per individual.
At least 1 in 10 individuals (12.9%) claimed an investment of over ₩10 million, or $9,300. The results of the poll, revealed by the Korea Times, underlined the heightened interest among everyday retail investors in adopting cryptocurrencies like bitcoin. Of those polled, 18.3% said they invested between ₩1 million- ₩ 2 million while 44% had poured in less than ₩1 million into cryptocurrency investments.
“It seemed to be the fastest way to make money,” was the explanation that saw a majority consensus of 54.2%, when asked for the reason behind their investment. A further 48% got investing “with a small amount of money” to test the waters. Of the investors, 80.3%
South Korea is firmly established as the world’s largest cryptocurrency trading markets, totaling an estimated 20% of the world’s daily traded bitcoin. Korean investors are also driving prices of other mainstream cryptocurrencies like Monero and Ripple in recent days. The heightened appetite for cryptocurrencies among everyday investors and new adopters has led to soaring premiums amid a lack of supply.
The appeal of cryptocurrencies has permeated into Korean society to such an extent that South Korean prime minister Lee Nak-yon called it a “pathological phenomenon” less than a month ago. Earlier today, a Reuters report claimed the South Korean government was imposing curbs on cryptocurrency trading with a particular focus on effectively putting an end to anonymous transactions and trading.
Korean cryptocurrency adopters are also likely to see the country’s tax authority enforce capital gains taxes on their investments in the coming months.
Featured image from Shutterstock.
Last modified: May 21, 2020 11:22 AM UTC