20-somethings most active in virtual currency investment: survey

By Yonhap

Published : Mar 7, 2018 - 10:15
Updated : Mar 7, 2018 - 10:15

Those in their 20s are most active in investing in cryptocurrencies in South Korea, a survey showed Wednesday, as state regulators move to rein in the virtual currency frenzy in Asia's fourth-largest economy.

Amid concerns over a bubble, the government banned the opening of new virtual accounts for cryptocurrency investors and requires those that bought and sold the currency to use real-name accounts, and not the virtual system favored in the past.

Bitcoin, ethereum and other cryptocurrencies have rapidly gained popularity among South Korean investors recently as a means of making quick money.

South Korea is home to one of the world's biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currencies.


About 22.7 percent of those in their 20s said they purchased virtual currencies, according to a survey of 2,530 people aged between 25 and 64 conducted by the Korea Financial Investors Protection Foundation in December.

The figure compares with 13.9 percent average for all age groups.

Those in their 30s came in second at 19.3 percent, followed by 12 percent for those in their 40s. Numbers for people in their 60s reached at 10.5 percent and those in their 50s at 8.2 percent.

Despite having fewer people dealing with cryptocurrency, people in their 60s topped the list in the amount of the investments made, with the total reaching an average of 6.58 million won ($6,161). This was trailed by those in their 50s at 6.28 million won, those in their 40s at 3.99 million won. People in the 30-year-old bracket stood at 3.73 million won and those in their 20s at 29.3 million won.

About 70.2 percent of those surveyed said they bought virtual currencies for the purpose of investment, while 34.1 percent said they purchased cryptocurrencies as a payment service. (Yonhap)


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The Korea Herald by Herald Corporation