The number of crypto owners aged 20-30 in South Korea has tripled since 2019

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South Korea’s “crypto boom,” a term used by local media to refer to the growing number of investors, is attracting investors in their 20s and 30s to invest in crypto. Considered, sometimes, perhaps too much.

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Crypto investors in South Korea tripled in the 20s and 30s

According to the latest data published by South Korea Storage, the number of investors in their 20s and 30s increased from 23.7% in 2019 to 35.7% in 2021. The total number of investors has more than doubled. Compared to 2019, it showed an increase of 7.62 million last year.

By the end of 2019, the country had 6.11 million investors, rising to 13.73 million by the end of 2021.

According to the data obtained from several exchanges, not only the number of investors has increased in the past years, but also the volume of trading in these accounts has increased. Bithumb, a South Korean crypto exchange, alone has more than 8 million registered accounts on its platform.

In the year Another popular exchange in the country, Appbit, which hosted more than 5 million households in 2021, sees a similar trend. The number of households using the exchange has nearly tripled from a year ago. This data may first appear in a local publication.

Increase in debts and personal liabilities

According to a study titled “Virtual Cryptocurrency App Market Analysis” by a big data firm, IGA Works, nearly 60% of new crypto investors in the country are in the age group of 20-30 and invest small amounts of money into crypto. Around $100.

These investors often chose Bitcoin or the top 10-by-market-cap altcoins as their investments, and also exchanged coins and cryptocurrencies. This study was presented in early 2021 and represents data relevant to that period.

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In the article mentioned above, people in their 30s continued to get loans from more than three financial institutions, and the amount of debt increased. 30% increase compared to data 5 years ago.

The country’s total debt figure in the financial sector is nearly 600 trillion won, with contributions from 4.51 million borrowers, most of whom are 40 and under. The increase in debt is due to low interest rates in the stock market and crypto investments.

As reported by Korea’s Jungang Daily, crypto investors in their 30s have faced many consequences in their personal lives due to a miscalculation.

According to the article, more than 7,590 people in their 20s filed for debt settlement in 2022, an increase of nearly 30% compared to 2019.

To help investors recover from their losses, the government has announced that interest payments will be reduced by up to 50% for entrepreneurs aged 34 and under. Additionally, the Seoul Bankruptcy Court announced that crypto losses incurred by these investors will be excluded if these investors apply for private rehabilitation programs.

Kim Jae-boon, a senior research fellow at the Korea Institute of Finance, explains the cause of the irrational behavior of young entrepreneurs.Investors in their 20s and 30s who lack much experience and financial knowledge easily get lost in investment frustrations because finance is not taught in school, unlike in developed countries like Britain where finance is included as a required subject.

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