1 in 4 South Koreans Own Crypto; Most Eye Short-term Gains – Survey

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1 in 4 South Koreans Own Crypto; Most Eye Short-term Gains – Survey

One in four South Koreans own crypto, a new survey has found, with most saying they trade coins in the hope of earning short-term profits.

Per Hanguk Kyungjae, the findings came from Hashed Open Research, a think tank affiliate of the blockchain accelerator Hashed.

One in Four South Koreans Own Crypto – And More Are Growing Crypto-keen

The company surveyed 2,000 South Koreans aged 20 to 69, with 25% of respondents (507 people) saying that they “are currently investing in crypto.”

A graph showing trading volumes on the South Korean market-leading Upbit crypto exchange over the past 12 months.
Trading volumes on the South Korean market-leading Upbit crypto exchange over the past 12 months. (Source: CoinGecko)

Over half of respondents (54%) aged 30-39 said they have previously held or currently hold crypto.

Forty-three percent of people in their 40s said they have traded or currently trade coins.

The share of crypto traders and investors was smaller in other age groups. In the 20-29 demographic, 38.8% said they had bought or sold Bitcoin (BTC) or altcoins.

Just under a third of people in their 50s said they traded crypto, while only 19% of respondents aged 60 and above have ever held tokens.

Of the 507 people who said they have had experience with crypto, just under a quarter said that they use “overseas-based” crypto exchanges or decentralized exchanges.

And over half of this number said they keep “more than 20% of their crypto” on DEXes or non-domestic platforms.

Even people who have never traded crypto expressed a growing keenness to start investing. Over 11% of this group said they “intended to invest in crypto in the future.”

How Much Crypto Do South Korean Investors Hold?

The survey found that many South Koreans have invested much of their savings in crypto, with 3.6% of respondents claiming that they currently hold over 100 million won ($68,870) worth of coins.

But a quarter of respondents have more modest holdings, holding coins in the $689-$3,443 value range.

Just over half of the crypto investors said their main reason for buying tokens was that “they could expect high returns compared to other assets in the short term.”

However, almost a quarter said crypto’s convenience – and the fact that tokens can be traded 24 hours a day – had drawn them to the market.

Furthermore, 57% of the respondents with crypto holdings said they invested part of their salaries in their crypto purchases.

A researcher who worked on the study said that crypto investment is “becoming popular, with an expanding investment base.” The researcher concluded:

“This seems to be an irreversible trend of the current times.”

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