Seven out of 10 wealthy South Korean citizens won’t invest in cryptocurrency, according to KB Financial Group’s Korea Wealth Report 2021.
While 70% of the 400 people surveyed said ‘no’ to including cryptocurrency assets in their portfolio, just 3.3% of people said they would be willing to invest, with the remaining 26.8% of people surveyed saying their decision would depend on their situation.
The trepidation towards cryptocurrency from the majority of those who participated in the survey was down to the volatility of the industry and their lack of knowledge around the subject, the survey found.
While the Korea Wealth Report 2021 demonstrates an ongoing distrust of cryptocurrency among wealthy South Koreans, crypto trader Scott Melker took to Twitter to show how he felt about the survey…
30% of wealthy South Koreans will invest in crypto!
There, I fixed it.https://t.co/ennWu7X0a4
— The Wolf Of All Streets (@scottmelker) November 15, 2021
Lee Jae-myung, the democratic candidate in the upcoming presidential election in January 2022, has considered abandoning the nation’s planned crypto tax in his campaign in order to attract young voters who oppose the plan due to their cryptocurrency activities.
Consistent levels of unemployment among young people in South Korea has led the younger generation to pursue other means of income, with investing in cryptocurrency a popular one.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.