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  HOME | Business & Economy (Click here for more)

Almost One Third of South Koreans Invest in Cryptocurrencies

SEOUL Around 31 percent of South Koreans have invested in cryptocurrencies to make quick profits, according to a survey published on Wednesday.

The poll, carried out by South Korean job portal Saramin, showed that 31.3 percent of the surveyed people had invested in virtual currencies, with an average investment of 5.66 million won ($5,300).

Local news agency Yonhap reported that 44.1 percent of the surveyed people had invested less than a million won, while 12.9 percent had invested more than 10 million won in cryptocurrencies.

Around 80.3 percent people said that they had made a profit from investments and 6.4 percent suffered losses, while 13.2 percent reported that their investments remained unchanged.

More than half of the surveyed around 54.2 percent said they decided to invest in cryptocurrencies because it was the fastest way to make money, while the rest said it was easy to invest small amounts in these currencies.

According to Yonhap, South Korea is one of the most important markets of cryptocurrencies, with close to two million people owning virtual currencies such as bitcoin and ethereum.

In South Korea and Japan, cryptocurrencies have become a popular form of payment, an investment asset and is even used as a pension fund due to relatively small returns from other investments.

Although analysts have warned investors of a possible bubble effect as the exchange rates of these currencies have surged rapidly and do not reflect their real value, making them susceptible to a crash.

 

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