The Korea Financial Investors Protection Foundation (KFIPF) has published a new report which shows that South Koreans who invested in cryptocurrency last year put aside an average of USD 6,000 per individual, as reported by Finance Magnates.
The original news report in Korean referenced a survey from the Korea Financial Investors Protection Foundation, which was given to about 2,500 adults. Of these, about 7.4% had said that they had bought cryptocurrency. What was more interesting was that, those who had already bought before in the previous survey in 2017, had ended up buying even more, indicating that the belief in crypto had remained high even in a rocky year for crypto markets.
Compared to the results of the survey in 2017, the USD 6,000 figure was up 67%, and there appears to be some explanation. While the majority of crypto investors were millennials in 2017, older – and wealthier – age groups had formed the majority in 2018. Those in their 50s were now the biggest group of investors, followed by those in their 30s, and then those in their 40s.
Nevertheless, crypto investment is still a relatively niche investment in South Korea, with only a 1% growth from 2017. This does mean that it’s not too late for most still considering to dip their toes, to be an early adopter, especially with signs that the crypto market has likely bottomed out, en route to a new growth cycle.
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