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South Korean Gen Z favors XRP and various altcoins over Bitcoin and Ethereum, according to a report.
According to a local South Korean news source, Generation Z cryptocurrency investors in South Korea are reportedly more inclined to invest in altcoins, particularly Ripple (XRP), rather than Bitcoin (BTC) and Ethereum (ETH).
News1 Korea examined investment data from the crypto exchange Bithumb for the first half of the year, focusing on investment behavior by age group. The analysis revealed that investors in their 20s exhibited a more “aggressive” investment approach compared to other age demographics.
Additionally, GenZ investors displayed a greater percentage of investments in altcoins apart from BTC and ETH, which this study categorizes as both “long-term” and “stable investments” due to their relatively low volatility.
The report indicated that 82.5% of investors in their 20s allocated funds to altcoins excluding ETH, with XRP being the most favored among GenZ investors, as 20.7% held this digital asset.
An August 4 report from the crypto derivatives exchange Bitget noted that Generation Z constitutes nearly half of crypto copy traders.
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Conversely, the study from South Korea identified that the age group with the highest proportion of BTC and ETH investments was investors in their 30s.
These figures emerge as Ripple continues to encounter scrutiny and a lawsuit from U.S. regulators. A legal expert estimated that the circumstances surrounding the altcoin have resulted in a three-year delay in its adoption within the U.S.
Related: XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appeal
Recently, South Korea has intensified its crackdown on cryptocurrency activities within the nation. On August 22, reports emerged that authorities in Cheongju intend to confiscate crypto assets from thousands of users who have evaded local taxes.
On August 9, the CEO of the crypto exchange Bitsonic was apprehended by South Korean authorities for allegedly misappropriating $7.5 million in user funds and will face trial without preliminary detention.
Earlier, on July 26, the country enhanced its crypto regulations by establishing an interagency investigation unit aimed at addressing crypto-related crimes, citing an increase in illicit activities in the crypto market and the necessity for investor protection.
Magazine: Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
