Opinions on cryptocurrency are completely polarized on social media among South Korean users, a new report has found. (Image: Yonhap)
SEOUL, Jan. 22 (Korea Bizwire) — Opinions on cryptocurrency are completely polarized on social media among South Korean users, a new report has found.
Mentions of cryptocurrencies such as Bitcoin by South Korean social media users are 49 percent positive and 51 percent negative, according to a report released by a preparatory committee for the Korea Blockchain Association on Monday.
Just over half of internet users were in favor of government regulations on cryptocurency trades, while 44 percent disapproved.
Proponents of the regulations worried about overheating markets, while opponents said government intervention could hurt the value of cryptocurrencies.
The study noted the reports of government regulation and the negative media coverage of cryptocurrency trades didn’t significantly affect the social perception.
The report also revealed that 66 percent of the public held a positive view of blockchain technology, which cryptocurrencies are based on, while only 34 percent held a negative view.
Users who think positively of blockchain technology used keywords such as ‘trust’, ‘revolution, ‘progressive’, ‘innovation’, and ‘new’.
In the meantime, those who saw blockchains in the cyber security industry negatively associated the latest technology with terms such as ‘speculation’, ‘regulation’, ‘fraud’, and ‘accident’.
Some of the main keywords used together in online posts with cryptocurrency include ‘Bitcoin’, ‘technology’, and ‘investment.’
Between September and November, ‘technology’ was the most mentioned related keyword, until ‘Bitcoin’ dominated the conversation across social media in December, following a series of price spikes.
During the same month, mentions of government regulations also soared on social media.
Around 45 percent of online posts on social media about cryptocurrency were negative in October and November. But the figure rose to 56 percent the following month due in part to the government’s tough stance on cryptocurrency exchanges and trades.
The report said the positive perception of blockchain technology is winning the conversation, and projected the public will become more accepting of cryptocurrency in the future.
The study was conducted by the Korea Society Opinion Institute at the request of the preparatory committee for the blockchain association, based on posts uploaded across social media platforms including Facebook, Twitter, Instagram and blogs.
Ashley Song (ashley@koreabizwire.com)
