While most people associate cryptocurrency investment with the younger half of the generational spectrum, reports have shown that seniors in South Korea are going significantly harder in the digital paint than younger investors.
Respect your elders
According to a survey of 2,530 adults by the Korea Financial Investors Protection Foundation conducted last December, older investors are getting involved in cryptocurrency much more aggressively than younger investors — though the latter is more active when it comes to buying and selling.
People in their 60s invested larger amounts than any other age demographic, totaling 6.59 million Korean Won — or $6,194 USD. “The older the investor, the larger the investment,” Kwon Soon-chae, told Korea Joongang Daily.
However, senior analyst at the Korea Financial Investors Protection Foundation is worried that older investors don’t really understand what they’re getting themselves into. Said Soon-chae:
There’s a need for older investors to not lose their retirement savings on cryptocurrency investments.
The survey also revealed that roughly 23 percent of South Koreans in their 20s have experience in buying cryptocurrency, while people in their 30s aren’t far behind at 19 percent. The likelihood of a South Korean in his or her 40s investing in cryptocurrency, meanwhile, was 12 percent, while someone in their 50s was only 8 percent.
In regards to investment size, South Koreans in their 20s averaged 2.93 million Korean Won, versus people in their 30s and 40s who both invested less than 4 million won. Those in their 50s weren’t far behind those in their 60s, at 6.29 million won.
As noted by Korea Joongang Daily, 42 percent of participants in their 60s were investing more than 3 million won, while 21 percent invested more than 10 million won. Of those in their 50s, less than 10 percent invested a larger sum than 10 million won, as compared to participants in their 20s and 30s, of which 40 percent put less than 1 million won.
The hype is over
Perhaps most importantly, the survey indicates that the hype surrounding cryptocurrency — particularly during the unprecedented bull run which took place late last year — has cooled off.
According to the survey, respondents that continued to invest in cryptocurrency made up only 6.4 percent of the total pool, while 31.3 percent never even dipped their toes in digital currency’s waters.
A particularly concerning statistic for cryptocurrency enthusiasts is the fact that one 7 percent claimed they would continue to invest in digital currencies, while 23.1 percent admitted feelings of reluctance. Meanwhile, 70 percent claimed they had no plans to invest in cryptocurrency.
Respondents’ largest concern was the threat of hacks, while volatility came in as the second most popular reason for refraining from cryptocurrency investments.
Are you at all surprised to learn that older Koreans are more aggressive cryptocurrency investors? Do you think the downtrend to start 2018 is scaring investors away? Let us know in the comments below.
Images courtesy of Bitcoinist archives, Shutterstock
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