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A new study on South Korea reveals a significant surge in domestic cryptocurrency ownership, with over 9.6 million investors by the end of last year.
Older South Koreans Increasingly Keen on Crypto
A recent study highlighting data from South Korea reveals a significant surge in domestic cryptocurrency ownership, with the number of investors exceeding 9.6 million by the end of last year. This represents a remarkable 52.6% increase compared to the previous year, underscoring a growing embrace of digital assets within the South Korean population.
Notably, the study also indicates a substantial rise in ownership among older demographics, with one in four cryptocurrency investors now over the age of 50. The data, compiled by Ahn Do-jae, a member of the Democratic Party of Korea, and sourced from five major domestic virtual currency exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax – paints a clear picture of the burgeoning crypto market in the East Asian nation.
As noted by a local report, the increased number of digital assets owning Koreans also surpassed the $68.06 billion or 100 trillion won mark, demonstrating the increasing financial stake individuals are placing in digital assets.
A key trend highlighted by the data is the significant growth in cryptocurrency ownership among older age groups. The number of investors in their 50s reached 1.75 million by the end of 20224, marking a substantial 56.4% year-on-year increase. Similarly, investors over 60 also saw a sharp rise, from 371,800 to 636,700, representing a 52.6% jump within the same period.
This shift in demographics suggests that cryptocurrencies are no longer solely the domain of younger, tech-savvy individuals. Older generations are increasingly recognizing the potential of digital assets, whether as an investment opportunity, a hedge against traditional market volatility, or as part of a broader trend toward digital financial tools.
The study findings further shed light on the profile of “big investors” – those holding more than $680,000 in virtual currencies. Among the 9,135 individuals in this category across the five exchanges, a significant portion are over 50 years old. Specifically, 35.2% (3,215) were over 50, and 19.9% (1,817) were over 60. The average big investor over 50 holds $1.46 million worth of virtual currencies. Commenting on the findings, Ahn highlighted the importance of investor protection.
“To protect investors, a minimum regulatory framework should be established as soon as possible,” he stressed.