Young S. Koreans Addicted to High Risk, High Return Cryptocurrencies | Be Korea-savvy

Young S. Koreans Addicted to High Risk, High Return Cryptocurrencies


An electronic signboard at the cryptocurrency exchange Bithumb in Seoul on April 20, 2021. (Yonhap)

An electronic signboard at the cryptocurrency exchange Bithumb in Seoul on April 20, 2021. (Yonhap)

SEOUL, April 26 (Korea Bizwire) With the cryptocurrency investment fever spreading among South Korea’s young generation in their 20s and 30s, some are showing signs of ‘cryptocurrency addiction.’

A 28-year-old office worker surnamed Nam confessed that he is showing signs of addiction, with his mood changing from joy to sorrow or vice versa everyday depending on the ups and downs of the price of the coins.

“After achieving a high yield rate in a single day after starting the trading of coins, I lost interest in savings in banks or stocks,” he said.

“Even in coin trading, I can’t stop myself from paying more attention to new coins and looking for high risk and high return coins.”

According to data that Rep. Kwon Eun-hee of the minor opposition People’s Party received from the Financial Services Commission, the number of new subscribers to the nation’s top four exchanges – Bithumb, Upbit, Cobit, and Coinone – for the first quarter of this year stood at close to 2.5 million.

Among them, those in their 20s accounted for 32.7 percent, or 816,039, followed by those in their 30s at 30.8 percent (768,775). In other words, those in their 20s and 30s accounted for more than a half of the new subscribers in the first quarter of this year.

Despite the boom in cryptocurrency investment particularly among young people, many experts call for special caution since there are many cryptocurrencies that have highly volatile prices and have no tangible value.

(Image: Korea Bizwire)

(Image: Korea Bizwire)

The number of young people who have negative views of the cryptocurrency investment boom is also not small.

“The rally of cryptocurrencies relies solely on people’s belief that the value of such coins would continue to rise,” Kim Chang-hyun, a 26-year-old office worker, said.

“However, if such belief loses credibility, the bubble of cryptocurrencies would eventually burst, dealing a heavy blow to some people.”

Some voice worries about cryptocurrency investors who feel nervous all day watching the cryptocurrency market that runs seven days a week and 24 hours a day.

A 28-year-old officer worker said, “Today, if you go to a restaurant for lunch, you can see lots of young workers following the changes in coin prices through their smartphones.”

Nonetheless, there are some who regard cryptocurrency investment as the last hope for the young generation to tide over job and housing difficulties.

“Cryptocurrencies are the only answer for those in their 20s,” said a 29-year-old office worker surnamed Kim, who started investing in cryptocurrencies in 2017.

“Even though it’s dangerous, there is no other alternative.”

J. S. Shin (js_shin@koreabizwire.com)

One thought on “Young S. Koreans Addicted to High Risk, High Return Cryptocurrencies

  1. marla

    I can’t believe this happened to me because i just decide to give it try, I was reading about cryptocurrency because i am really interested in investing in cryptocurrency because from the books i’ve read…The digital currency is the future, I saw the bitcoins price and it is way too steep for me financially so i had to read some books about trading because that’s the only way to acquire bitcoins since it’s high. I tried to trade on my own but didn’t go through then i began to look for a trader online. I got to a forum on youtube and i get to see everyone giving testimonies of how the Mr William lee helped them trade bitcoins in less than 3 days. I read some reviews on youtube and i decided to continue doing my research, I got to a forum on disqus and other websites as well and i couldn’t get enough of the Mr William testimonies. I am just seeing his emails everywhere and how he help families and more. I decided to give it a try and had to go for his lowest package at first because i am nervous. Then Mr William lee help me trade 1.3223 btc in less than 4 days and i am ready to invest the whole 1.3223 btc with him again so i can get 6 BTC. I just have to drop this here because i saw his info online and i am on my way to be financially free for the rest of my life. I don’t want to be selfish…. You all should contact Mr William below via email leewilliam664@gmail.com and he will get back to you in no time. You will thank me later for this great info whatsapp +14086012169https://www.facebook.com/Williams-lee-105114461264340/?modal=admin_todo_tour

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>