31% Of The Workforce In South Korea Are Investors In Digital Currencies
Three out of 10 South Korean workers have invested in digital currencies in some way, according to a survey. On Wednesday, Saramin conducted a survey of 941 income-earners in South Korea. 31.3% of them stated that they had invested in digital currencies, with an average investment account of 5.66 million won, equivalent to US $ 5,300.Of the surveyed workers, 44.1 percent invested less than 1 million won, while 18.3 percent invested between 1 million and 2 million won. 12.9% said they invested more than 10 million won, 9.8% invested between 2-4 million won and 7.8% invested between 4-6 million won.In terms of the reasons behind their choice to invest in digital currencies, 54% said they thought it was the fastest way to raise money, while 46% said that digital currencies were an easy way to invest in small amounts of money.Like any other investment, some succeed while others lose. About 80% of the surveyed workers said that their investment in digital currencies was profitable, while 6% claimed they lost money. And 13% of them reported bankruptcy. 22% of those who earned money earned more than 10%, while 19% said their investment revenues were more than 100%.
Prosperity amid rising suspicion
South Korea has been particularly active in bitcoin. It hosts the world's top three stock exchanges and accounts for 20% of the world's total.It is estimated that about 2 million people in South Korea own homes and other digital currencies. The rise in the price of Bitcoin has always attracted new arrivals, starting with university students who take the time between lectures to check prices and end up with grandparents sitting in their homes inspecting the market. And all of them are willing to pay a premium of between 15% and 25% more on world prices, hoping to continue the rise of the value of the Bitcoin. Local traders called this phenomenon " Kimchi Premium " in relation to their popular fermented cabbage dish.As the number of new investors increased, the South Korean authorities expressed growing concern about the impact of any possible market collapse. The government said early in December that it intended to prepare a law banning activities related to digital currencies, including the circulation of Bitcoin unless it meets 6 conditions to be developed later