As of press time, since the price of Bitcoin has remained above US$48,000, South Korea has noticed a special growth trend in the specific identity of cryptocurrency investors. A recent study shows that a new era of “crypto moms” is emerging in the country.
Research says millennials are far behind
Per Maeil Kyungjae cited data from the research company Wiseapp. In recent weeks, women aged 40-49 in Asian countries have been actively buying Bitcoin (BTC). The data is collected through major domestic exchanges such as Upbit and Bithumb.
The report called this trend the “second boom” for South Korean cryptocurrency, because most of the women surveyed were mothers. According to data, more than 30% of Bithumb and Upbit users belong to this age group, while 21% are over 50 years old.
On the other hand, millennials are gradually losing their advantage in holding cryptocurrency, as figures show that only 19% of users are between 20-29 years old. In contrast, young people ranked last with only 1.5%.
The name “Second Boom” awarded by Wiseapp is not a cliché of the recent cryptocurrency bull market. In fact, despite the pandemic in the country, these numbers are the opposite of those between 2017 and 2018.
At the time, when the 2017 BTC frenzy also made headlines, 30-year-olds accounted for 30.7% of South Korean cryptocurrency users. In addition, people in their 20s account for 24% of South Korea’s cryptocurrency map.
Sophisticated Korean cryptocurrency investors gain experience by trading stocks
The local media referred to the report as “Mom is a BTC investor” and provided some reasons behind the changes in crypto demographic trends:
The reason for the change in the age group of virtual asset transactions is the painful experience of the 20th and 30th generations, who suffered a “great collapse” at that time. The 20th and 30th generations of cryptocurrencies that started investing in 2017-2018 suffered huge losses due to strong government regulations such as real-name virtual asset trading systems.
This “great collapse” triggered a wave of so-called “cryptographic suicides” across the country. However, this study shows that people between the ages of 30 and 60 have increased experience in investing in risky assets due to stock trading.
Interestingly, Kim Mo, a female stock manager, told Maeil Kyungjae a special reason why she started investing in cryptocurrencies:
After seeing Tesla’s CEO and others investing in Bitcoin, I started investing. There are not many at present, but I will make more investments by observing price trends.
What do you think of this “encrypted” demographic study in South Korea? Let us know in the comments section below.
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