Top Reasons Why Koreans Invest in Cryptocurrency


South Korea is one of the world’s most wired societies. The citizens have near-ubiquitous broadband access and enjoy blazing-fast Internet speeds. Now the country is slowly becoming a hotbed for crypto-traders. South Korea, at present, is the world’s 3rd largest e-currency trading country, only after Japan and the U.S. The cryptocurrency accounts for about 33 percent of the country’s total market share.
Earnest mass interest in cryptocurrency in South Korea began in fall in 2017, according to the trade volume data from Korbit.





The Korean Society
According to the reports, the design of Korean society played a major role to make the Korean people go crazy about cryptocurrency. Koreans are extremely obnoxious about their status in society.
A government survey of 2016 presented an alarming report. Even the employed youngsters are absolute pessimists when their economic prospects are questioned. Not even 15 percent of young Koreans don’t have trust that they will surpass their parents’ generation economically.


Fall in traditional ways
Almost all young Koreans today inherit some property from their ancestors and thus have some disposable funds. But, unfortunately, the investment opportunities are not abundant enough. Real estate had been playing an important role for the last few decades to add up to one’s fortune in Korea. However, in the recent years, the sector witnessed price hike at an exponential rate. Now not even upper-middle-class people can afford to invest in it. And interest rates for savings accounts in banks or elsewhere are hardly some few percentage points a year. Thus cryptocurrency seems to be an escape from this stagnant economic condition.


The hyper-connective Koreans
Koreans’ hyper-connectivity helped spur cryptocurrencies’ popularity. The country’s teens and young adults spend almost four hours a day at mobile phones. The government had ensured high-speed internet connection in nearly every Korean home and 88 percent of the adult population owns a smartphone, the highest percentage globally. Such an abundant connectivity allowed several traders with potent from all age groups to get interested in learning about this sudden frenzies and soon heard about the insane amount of money one can make by investing on Korean Cryptocurrencies. Unknown to many people around the globe, several Korean universities have Cryptotrading clubs, where you can meet like-minded traders and share trading strategies and tips.

Son of rich Koreans
The children of the Korean upper class having discovered the potential massive profits from crypto trading, popularized it a lot in the beginning days. The country holds a lot of millennials and being born into wealthy Korean business families, they are simply investing and trading with their parents' money. When you look deeply at average Ethereum trades in the Stared, they hardly range from $100 to maximum something around $10,000 per trade. But in Korea, even investments of $100,000 are not rare.

The decrease in other local investments
The domestic stock market has always been a preferable and safe option for investment to South Koreans. But the Korean stock markets are now seeing its darkest days, they have lost both of their stability and popularity. Even gambling, which is another way to give a chance to fortune making for many Asian risk-takers, has become declared illegal. Those who are now currently in cryptocurrencies were risk-taking gamblers of the time due to their high volatility. When they were looking for other assets with high volatility, Bitcoin seemed to be the perfect one. So high-risk traders invested their money into the Korean Cryptocurrency market and luckily, it went up like crazy. Once people got the taste of the e-currency they kept on pouring more and more money in.

Other digital currencies you can use:

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