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Rich S Koreans Reluctant To Buy More Crypto – Survey

Tim Alper
Last updated: | 1 min read

In South Korea, the richer you are, the more likely you are to have cryptocurrency holdings, say the authors of a new survey. However, it seems that the rich’s confidence in Bitcoin and altcoins has taken a tumble.

Source: iStock/TARIK KIZILKAYA

Per the findings of the KB Financial Group – a financial services mammoth that encompasses banking giant Kookmin Bank – richer South Koreans are more likely to have bought cryptocurrencies in the past, but are becoming reluctant to re-enter the market.

The KB Financial Group’s Korean Wealth Report, based on the survey of 1,000 people, found that some 24% of richer South Korean have purchased cryptocurrencies at some point, compared to 14% of less-affluent citizens.

However, the survey found that only 2% of wealthier South Koreans intend to make cryptocurrency purchases in the future.

Furthermore, among the country’s most affluent capitalists (those with financial assets worth over USD 4.5 million), investors were twice as likely to have cryptocurrency holdings than those with less capital. This group also expressed a little more confidence in the market, with 5% saying they would consider re-investing in cryptocurrencies.

The survey also found that South Korean investors were almost half as likely to buy cryptocurrencies as investors elsewhere in Asia. Per the survey, 29% of South Korean respondents said they intended to buy cryptocurrencies at some point – compared to 52% of those living elsewhere on the continent.

Confidence in the market took a hit in South Korea earlier this year after a proposed government crackdown sent currencies into a tailspin – as well as a series of hacks on many of the country’s leading exchange platforms.