71% of Koreans Want to Buy More Crypto: Survey

The report, carried out by the Hana Monetary Analysis Institute, a analysis agency specializing in monetary markets and financial traits, analyzes present investor tendencies and future intentions.

Of the individuals within the survey, 27% reported that they personal crypto, with the common funding being round $10 million received (simply shy of $7.4k), which accounts for 14% of their portfolios.

Adoption is Rising 

The median age for the individuals included on this review is between 30 and 40. Males are typically extra energetic within the investing area, however the findings point out that there was a gentle enhance in females taking part within the crypto area since concerning the begin of 2024. 

The primary causes for investing are typically psychological (FOMO), however the authors do notice a shift from that tendency from 57% to 34%, as in contrast with earlier surveys. 

Different knowledge units embrace new traders within the area, progress potential, and portfolio diversification. 

The overwhelming majority of traders are typically in Bitcoin (89%), however the report notes a shift to different cryptocurrencies, notably stablecoins, as buying and selling expertise rises. 

A typical problem for respondents seems to be associated to exchanges, as not many native banks work with them. If rules change into extra favorable, “7 out of 10 traders will select a residential financial institution, quite than a brand new financial institution with preferential advantages”, which paints a really clear image of present dealer sentiment.  

The primary focus round choosing an change additionally appears to be centering on how simple it will likely be to connect with a financial institution, quite than different issues similar to buying and selling quantity, comfort, and person expertise.

Roughly 43% of the survey individuals indicated excessive intent to proceed investing in crypto belongings sooner or later, with an extra 28% displaying average such. About each 7 out of 10 present above-average curiosity. Considerations about volatility stay excessive (56%), as do fears of bankrupt exchanges (61%) and the chance of fraud (61%). Crypto investments could be considered extra positively if extra conventional finance (TradFi) corporations participated (42%) and extra authorized frameworks have been established (35%), additional knowledge reveals. 

Apparently sufficient, about 20% of South Korean officers additionally maintain crypto, in line with one other latest survey covered by CryptoPotato earlier this 12 months.

Present Crypto Panorama in Korea

Together with elevated public curiosity, officers in Korea appear to be following go well with and adopting crypto extra extensively. 

Parataxis Holdings (an American funding agency) not too long ago announced a controlling 25 billion received ($18.3M) stake in a South Korean biotech firm, with plans to be the primary firm within the nation to create a Bitcoin Strategic Reserve. 

Moreover, the Deputy Chief of the Financial institution of Korea (BOK) noted that it could be “fascinating for them to begin a gradual introduction to stablecoins”. 

Furthermore, South Korea seems to be the best-performing market in Asia presently. The benchmark Kospi Composite Index is up nearly 30% this 12 months, to a close to four-year excessive, with some particular person shares seeing jumps of 70%-80%.

This has all doubtless been a cascade of occasions following the latest election of the crypto-friendly President, Lee Jae-myung.

The nation has quietly change into one of the flourishing crypto markets, with a big a part of the inhabitants, as famous, investing in digital belongings. The nation has seen some 57 trillion received ($42 billion) in stablecoin trades for this 12 months alone, solely pushing BOK to maneuver ahead with their earlier plans for a won-backed stablecoin.