Over Half of South Koreans Have Crypto Trading Experience – Survey

More than half of South Koreans aged 20 to 59 have crypto trading experience, with one in four currently HODLing coins.

The same survey found that current crypto owners say that tokens like Bitcoin (BTC) make up at least 14% of the total value of their financial assets.

South Koreans: Crypto Trading on the Rise?

The newspaper Cheonji Ilbo reported that the survey of 1,000 people nationwide was conducted in April this year by the Hana Financial Group’s Research Institute.

The survey’s authors explained that 51% of the people they spoke to “had experience investing in crypto,” with 27% currently HODLing their coins.

In this latter group, investors said they were holding onto an average of around 13 million won ($9,547) worth of coins.

In the early stages of investment, the researchers found, traders tended to focus on Bitcoin.

However, they also found that as traders gained experience, they tended to buy more altcoins, with a focus on stablecoins.

Wallets on Multiple Exchanges

The data also appears to indicate that many South Korean traders are prepared to shop around to find better prices.

Over half of the respondents said they held crypto wallets on multiple domestic crypto exchanges. Seven out of 10 said they have traded on the market-leading trading platform Upbit.

The majority of crypto-trading survey participants (60%) said they began investing in crypto in earnest during the 2020 Bitcoin bull run.

Three-quarters of investors began investing with stakes worth less than 3 million won ($2,203). However, the value of their collective investments appears to have risen considerably.

Over four in 10 of the crypto investors said they currently have coins worth more than 10 million won ($7,344) in their wallets.

Majority of Traders Are Male Office Workers, Data Shows

Most crypto investors were aged 40-49, with 67% of male respondents and just 33% of women saying they had bought coins.

The majority of crypto investors (over half) said they were in white collar office jobs, with just 12% of physical laborers saying they had crypto holdings.

The data also indicated that crypto investing-South Koreans tend to take more risks in the financial markets.

The researchers noted that 38% of respondents showed signs of taking an “active” or “aggressive” approach to investment tendency. This, they said, was twice the overall average of 20%.

The research institute explained:

“Investors who have tried and experienced virtual asset investment even once had a higher aggressive investment tendency than investors who have no experience with crypto.”

Stablecoin Spike

The findings appear to correlate with recent reports of a large spike in USD-pegged stablecoin and kimchi coin trading.

Investment in coins like USDT has risen sharply in South Korea this year. And after the June 3 election of President Lee Jae-myung, speculative buying in stablecoin-related tokens has also seen an uptick.

Lee has pledged to launch a won-pegged stablecoin and allow domestic firms to create stablecoin-powered payment platforms.

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