Koreans buy cryptocurrency more than ever and spend more money on it, according to local daily news network Arirang Daily News.
Referring to the results of a survey conducted in December 2018 by the non-profit organization Korean Fund for the Protection of Financial Investors, Arirang found that 7.4% of the 2,500 surveyed adults said they were buying cryptocurrency.
This figure increased by 1% compared with the previous year, despite the fact that the industry is facing local obstacles in the form of regulatory changes and various exchange hacks.
It was not only the number of buyers that changed: of those who now owned cryptocurrency, many bought more than before.
According to Arirang, the average investment per person increased by 64% to $ 6,000 .
According to the survey, the most common buyers of cryptocurrencies were older investors – those over 50, and then 30-40-year-olds.
The rise in prices for Bitcoins (BTC) to $ 5,300 in early April stimulated a rebirth of the bullish trend characteristic of the South Korean market.
Meanwhile, problems remain for market participants: one South Korean stock exchange closes its doors last week, and the other, Bithumb, continues to struggle with the consequences of a $ 18 million hacking, which occurred in March.
At the same time, the parent company, Bithumb, received an investment of $ 200 million from a Japanese fund, which subsequently revealed plans to expand both the United States and Japan.