Young South Koreans Remain Optimistic about Crypto, Survey Finds

A survey by the Bank of Korea shows that young South Koreans appear determined to invest in cryptocurrencies despite the drama descending on the country's market over the last few months.

Amid all the recent drama surrounding cryptocurrencies in South Korea, it is perhaps a bit surprising to see that Millennials and even older individuals are still enthusiastic and, more importantly, optimistic about digital money.

A survey carried out by the Bank of Korea and published on Tuesday reveals that a large number of people in their 20s and 30s not only know about cryptocurrencies but are also enthusiastic about investing in them.

Out of the 2,511 respondents, 21.6% said they were aware of cryptocurrencies.

However, the percentages are higher for those in their 20s and 30a -  29.4% and 40.3%, respectively.

Despite the expectation that younger individuals would be far better acquainted with the cryptocurrency world, it seems that those in their 30s are more aware of these financial instruments than their younger counterparts.

When it comes to eagerness to invest, however, the trend reverses: 24.2% of people in their 20s said that they would like to invest in the cryptocurrency market.

In contrast, only 20.1% of people in their 30s had the same positive attitude.

Overall, the poll results show a strong positive trend that attests to a willingness among young Koreans to take the plunge into a market mired in drama over the past few months.

Older individuals fared quite well, with 6.8% of people in their 60s and 8.3% of those in their 70s having a positive view of digital currencies.

A few months ago, the country was swept by a scandal in which government officials asserted they would ban cryptocurrency exchanges from operating.

As a result, Bitcoin’s price began descending to lows it had not seen since the middle of last year.

At the beginning of February, the market calmed down after the country finally decided it would not ban exchanges after all.

Although a new drama could erupt again at any moment, South Koreans do not seem deterred from continuing their love affair with cryptocurrencies.