More than 50% of South Koreans Report Experience in Cryptocurrency Trading – Survey

More than 50% of South Koreans between the ages of 20 and 59 have engaged in cryptocurrency trading, with one in four currently holding coins.

The same survey revealed that current cryptocurrency holders report that assets such as Bitcoin (BTC) constitute at least 14% of their overall financial portfolio.

Is Crypto Trading Increasing Among South Koreans?

The Cheonji Ilbo newspaper disclosed that a survey involving 1,000 individuals across the country was carried out in April this year by the Research Institute of Hana Financial Group.

During its new trade minister’s inaugural visit to Washington this week, South Korea advocated for a “mutually beneficial” trade agreement with the US. https://t.co/qeMmYlICCy

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The authors of the survey noted that 51% of respondents “had experience investing in crypto,” with 27% currently holding onto their coins.

Among this latter group, investors indicated they were retaining an average of approximately 13 million won ($9,547) worth of cryptocurrencies.

In the initial phases of investment, researchers observed that traders primarily concentrated on Bitcoin.

However, they also discovered that as traders accumulated experience, they began to invest in a greater variety of altcoins, particularly stablecoins.

Multiple Exchange Wallets

The data suggests that many South Korean traders are willing to explore different platforms to secure better pricing.

More than half of the participants reported maintaining crypto wallets across various domestic exchanges. Seven out of ten indicated they have engaged in trading on the leading platform, Upbit.

Trading volumes on the Upbit crypto exchange over the past three months. (Source: CoinGecko)

The majority of those surveyed (60%) stated they began serious cryptocurrency investment during the Bitcoin bull run of 2020.

Three-quarters of investors initiated their investments with amounts less than 3 million won ($2,203). However, the total value of their investments appears to have significantly increased.

Over 40% of crypto investors reported currently holding coins valued at more than 10 million won ($7,344) in their wallets.

Predominantly Male Office Workers Among Traders

The majority of crypto investors were aged 40-49, with 67% of male respondents and only 33% of female respondents indicating they had purchased coins.

More than half of crypto investors reported being employed in white-collar office positions, while only 12% of manual laborers claimed to have crypto holdings.

The data also suggested that South Koreans investing in cryptocurrency tend to adopt a more risk-oriented approach in financial markets.

The researchers highlighted that 38% of respondents exhibited tendencies towards “active” or “aggressive” investment strategies, which is double the overall average of 20%.

The research institute elaborated:

“Investors who have engaged in virtual asset investment at least once demonstrated a higher propensity for aggressive investment compared to those without crypto experience.”

The top eight coins on the Bithumb platform by trading volumes over the past 24 hours. (Source: CoinGecko)

Increase in Stablecoin Activity

The results seem to align with recent reports indicating a significant rise in trading of USD-pegged stablecoins and kimchi coins.

Investment in assets like USDT has surged in South Korea this year. Following the election of President Lee Jae-myung on June 3, there has also been an increase in speculative trading of stablecoin-related tokens.

Lee has committed to introducing a won-pegged stablecoin and permitting domestic companies to develop payment platforms powered by stablecoins.

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