A recently conducted survey has shown that South Koreans who’ve bought cryptocurrencies invested an average of $6,000 in the ecosystem, with those in their 50s investing an average of $11,000.
According to local news outlet Arirang Daily News, citing data from a survey conducted in December of 2018, 7.4% of 2,500 polled adults in the country revealed they owned “some cryptocurrency.” The figure is 1% higher than in December of 2017.
The figures are notable, as in December for 2017 bitcoin had just climbed to its near $20,000 all-time high, while in December of 2018 – when the survey was conducted – it got to its $3,200 low, which many believe was the bear market’s bottom as since then BTC has been rising steadily. It’s currently trading at $5,300 after rising 0.6% in the last 24-hour period.
The survey Arirang cited, conducted by nonprofit organization the Korea financial Investors Protection Foundation, further revealed that the average investment per person increased by 64%, as it was of $6,097.
Out of those who bought cryptocurrencies those who put more money in the market were in their 50s, as these invested an average of $11,000 each. Behind them were investors in their forties and thirties.
Respondents who haven’t invested in cryptocurrencies, however, noted they aren’t considering investing in the near future. Concerns cited included price volatility, and hacking risks.
Notably, South Korea has launched a task force to fight cryptocurrency-related crimes last month, in a move that came as a response to a growing crime wave in the crypto space that affected the country. While in 2016 there were 53 crypto-related crimes, in 2017 the figured jumped to 453. Last year, residents reported 4,591 cases to authorities.
Criminals aren’t the only ones interested in cryptocurrencies in South Korea, however, as the KT Corporation, a local telecommunications giant, was reportedly selected to develop a cryptocurrency that’s set to be used in the city of Gimpo, a test that could see local government issue their own cryptos.
Despite the interest, South Korean authorities have rather restrictive cryptocurrency regulations, with initial coin offerings (ICOs), for example, being banned in the country. Earlier this month, reports suggested officials are considering reviewing their regulations.