More than half of South Koreans aged 20 to 59 now possess crypto trading experience, according to a recent nationwide survey. The survey, conducted by the Hana Financial Group’s Research Institute, found that a significant one in four individuals in this age bracket are currently holding cryptocurrencies. This widespread engagement highlights a growing trend in South Korea, where digital assets are increasingly becoming a part of mainstream financial activity, with Bitcoin remaining the top choice for investors.
Widespread Crypto Trading Experience
A comprehensive survey of 1,000 people across South Korea revealed that 51% of respondents aged 20 to 59 have experience investing in cryptocurrency. Among this group, 27% are actively holding coins, indicating a substantial and engaged user base. Current crypto owners reported that digital assets, including Bitcoin, constitute at least 14% of the total value of their financial portfolios, underscoring the growing significance of crypto in personal finance.
Investment Patterns: From Bitcoin to Altcoins
The survey’s findings suggest evolving investment patterns among Korean crypto traders. In the initial stages of their investment journey, individuals tended to focus primarily on Bitcoin. However, as traders gained more experience, there was a discernible shift towards diversifying their portfolios, with a particular emphasis on acquiring altcoins and stablecoins, showcasing a maturing understanding of the broader crypto market.
Multi-Exchange Wallets and Upbit Dominance
The data also indicates that South Korean traders are proactive in seeking better prices and opportunities across various platforms. Over half of the respondents reported holding crypto wallets on multiple domestic crypto exchanges. Notably, seven out of ten participants confirmed they have traded on Upbit, which is identified as the market-leading trading platform, reinforcing its dominant position in the South Korean crypto landscape.
Demographics of the Korean Crypto Investor
The survey provided insights into the demographics of Korean crypto investors, revealing that the majority are male office workers. Most crypto investors were aged between 40 and 49. Specifically, 67% of male respondents reported having bought coins, compared to just 33% of women. Over half of all crypto investors identified as white-collar office workers, while only 12% were physical laborers, indicating a strong correlation with professional occupations.
Risk Appetite and Investment Tendencies
The research also suggested that South Koreans engaged in crypto investing tend to exhibit a higher risk appetite in financial markets. The researchers found that 38% of respondents displayed an “active” or “aggressive” approach to investment, which is double the overall average of 20%. This indicates that individuals who have ventured into and experienced virtual asset investment are more inclined towards aggressive investment tendencies compared to those without crypto experience.
Stablecoin Surge and Political Influence
The survey’s findings align with recent reports of a significant spike in USD-pegged stablecoin and “kimchi coin” trading in South Korea. Investment in stablecoins like USDT has risen sharply this year. Furthermore, the recent election of President Lee Jae-myung in June has seemingly fueled speculative buying in stablecoin-related tokens, as Lee has pledged to launch a won-pegged stablecoin and enable domestic firms to create stablecoin-powered payment platforms.
