of South Koreans
own cryptocurrency
It is estimated that over 1.9 million people, 3.8% of South Korea’s total population, currently own cryptocurrency.
Bitcoin peer-to-peer trading activity in South Korea reached record highs of $218 million Korean Won in 2019. In addition, South Korea is home to crypto exchange giants like Upbit, BitHumb and CoinOne.
The average South Korean trader increased their crypto holdings by 64.2% in 2018, investing more than $6000 on average, a two-fold increase from the last survey.
Cryptocurrencies are popular investments among South Korea’s young generation who see them as a path to prosperity in a context of persistently high unemployment. South Korea has long been an early adopter of new technology, and the culture is such that people are quick to embrace new technological innovations and opportunities. Cryptocurrencies are stateless investments that appeal to South Korean investors wary of the political climate and their proximity to the threat posed by North Korea.
“For young Koreans, cryptocurrency seems like a rare shot at prosperity,” an article on the online publication The Verge states. The same article quotes a 20-something journalist who opines that cryptocurrency investments are also a means for a largely homogenous and well-educated workforce to distinguish themselves from peers.
