The trading of cryptocurrencies is one of the most volatile yet lucrative ways of making money these days. Despite the volatile nature of activity, more than a few South Korean corporate elite engage in it.
Saramin, an online employment platform carried out a survey to determine how many people in the Korean corporate sector engage in cryptocurrency trading. The findings were staggering and revealed that almost a third of Korean office workers invest in some form of digital currency.
Results of the survey show that precisely 31.3 percent out of a total of 941 workers polled said they have cryptocurrency portfolios that include bitcoin and other altcoins. Further, the average amount invested per person is around 5.56 million Korean won (roughly $5,169).
Over 44 percent of the survey population said they invested less than 1 million won (~$940). About 18.3 percent of respondents stated they had spent between 1-2 million won respectively.
About 12.9 percent of the Korean corporate workforce have a high-risk appetite for crypto investments and have poured in more than ten million won into an ocean of cryptocurrencies.
Among the survey population, about 80.3 percent declared they made profits from their holdings, and 13.2 percent admitted they neither made gain nor loss.
As per profit and loss statistics, a total of 21.1 percent of crypto investors noted they made roughly a ten percent profit, while a whopping 19.4 percent said they had made at least a 100 percent profit from their cryptocurrency investments. The average return for the 100 percent gainers was 425 percent.
Why Trade Cryptocurrencies?
All who took part in the survey were also asked why they chose cryptocurrency investments instead of investing in other more stable markets:
- About 54.2 percent declared that “it seemed to be the fastest way to make money.”
- Roughly 48 percent said, “it is a way to invest with a small amount of money.”
- The rest of the statistic strangely explained that “it seemed to be the only way to escape from reality.”
Some of the survey respondents admitted they now find it difficult to sometimes concentrate at work due to constant checking of price movements and reading posts or posting comments on online cryptocurrency forums.
Since China imposed strict sanctions on ICOs, the island country has taken over the mantle along with other Asian countries like Japan. At present, South Korea has one of the most vibrant markets in the world, making up about 21 percent of global cryptocurrency trading.
Over 2.5 million citizens are crypto enthusiasts and investors. The state is also home to leading exchanges like Bithumb, Korbit, Coinplug and a host of others.
Due to the high rate of cryptocurrency trading in South Korea, the authorities are now putting the finishing touches to cryptocurrency laws it will soon enact. This move hopes to curb fraudulent practices in the ever vibrant Korean cryptocurrency ecosystem.