Do they invest more in cryptocurrencies?
Yonhap, South Korean news agency, disclosed that according to recent survey that people in their 20s are the best bet to be the most active in cryptocurrency investment. Although this is not surprising since more and more millennials and the younger generations from around the globe adopts the growing change in this new market instead of the traditional stocks and bonds.
But are you all more amazed to learn that older Koreans are more contentious in investing in cryptocurrency? 60-year-olds more than any age demographic were the ones who invested a large sum of money in cryptocurrencies with an average amount of 6.58 million won.
In this new age, it is most likely the younger half of the generation are associated with
Ages between 20 to 50-year olds have invested in cryptocurrencies as follows:
60-year-olds – 6.58 million won ($6,119)
50-year-olds – 6.28 million won ($5,840)
40-year-olds – 3.99 million won ($3,750)
30-year-olds – 3.73 million won ($3,710)
20-year-olds – 29.3 million won ($2,724)
Altogether, 34.1% was bought to pay for goods and services and 70.2% invested through cryptocurrencies.
Back in the 1990s, a typical 35-year-old would invest in real estate, bonds or purchasing retirement programs. But presently a paradigm shift of a millennial mentality shows a different approach towards investments and would rather put more money on decentralized future – buying digital coins or contributory to ICOs.
Kwon Soon-chae, an analyst at Korea Financial Investors Protection Foundation, is worried that older investors don’t really fully comprehend what they are getting themselves into.
As observed that the hype surrounding cryptocurrency has cooled off after the unprecedented bull run that took place last year.
Even so, South Korea still is one of the world’s biggest leading markets of cryptocurrencies, just behind Japan and the United States in terms of Bitcoin transactions.
It’s still interesting to know which age demographic will prevail and keep up with our evolving investment schemes. One way or another the question is still left to be answered. For those who invested in this volatile digital currency, will everyone get hilariously rich or not?