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South Korean millennials want to invest in cryptocurrencies more than any other generation currently, according to a new report from the Bank. of Korea (BOK).
Not only are they interested but they are eager to seize this opportunity. The cryptocurrency trade has taken hold of the South Korean population and inspired a moving effect in which the greater the hype surrounding a digital piece, the greater the number of local residents eager to see. To penetrate is high.
And this is not just the younger generation. Cryptocéphalie fever seems to be spreading, as evidenced by the support of the country’s baby boomer generation. The findings underscore the findings of a recent poll by local media outlet Yonhap, which revealed that the millennium generation paved the way for Bitcoin investment.
South Korea represents the No. 4 economy in Asia with a total population of about 51 million. It is a single market for cryptocurrency and it should be taken into account, reflecting about 12% of global BTC transactions, according to Citi analysts, who also noted that bitcoin “drained the liquidity of stocks. ”
South Korea has higher premiums for cryptocurrencies than trade in other countries. “The price in Japan and South Korea is higher because of local demand, so people from these countries come here to get a better price,” said Aurélien Menant, CEO of the Hong Kong Gatecoin Stock Exchange, quoted by the Financial Times. ]
The Trifecta, or South Korea’s three largest bitcoin exchanges – Bithumb, Korbit and Coinone, accounted for more than half of XRP trade at the end of 2017 and also dominated the volume of Monero. The regional market has such a hold on trade that a Ripple cross-border payments lawsuit between Japanese and South Korean banks in December has pushed the XRP price up by more than 70% in just 24 hours. The South Korean market had a similar impact on Monero trading.
BOK surveyed more than 2,500 residents and found that more than a fifth of them, or 21.6%, are hip to cryptocurrencies. If you ask young adults, they are more likely to provide a positive answer, with about 29% and 40% of residents in their twenties and thirties, respectively, knowing the market. Twenty-five were the most opportunistic, with 24.2% expressing the desire to invest compared to 20.1% of 30-somethings.
While only a small percentage of South Korean baby boomers know about bitcoin and altcoins, between 6.8% and 8.3% of residents in their 60s and 60s support the market.
According to Yunhap, a couple of millions of residents would be invested in major digital parts.
Image from Shutterstock to photo
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