Bitcoin has taken the world by storm ever since its prices began to sky rocket, currently the three countries where you can expect to find the largest number of crypto investors are the US, Japan and South Korea. South Korea has a huge market for bitcoin and also has the world’s largest bitcoin exchange; Bithumb. Studies has shown that out of every 10 salary workers in South Korea, 3 have made investments in bitcoin and have profited from this decision immensely.
More than 80% of the South Koreans who have invested in bitcoin have enjoyed profits with an average return of around 425%, on average; every Korean crypto investor out there has owned crypto currencies worth around $5,260 USD. The poll that was used to gather this information was sent to around 941 people via email and most of the people who responded (around 80% of the total) were around 20 to 30 years old.
One estimate claims that South Korea has around 2 million digital currency investors, meaning that out of every 25 South Koreans, 1 has made investments in crypto currencies. If you compare these figures with America, the ratio of crypto investors and non-crypto investors is lower, an American survey revealed that around 11% Americans have either owned crypto currency in the past or are currently in possession of it. This survey also revealed that a decent amount of Americans (17.2%) were planning on investing in crypto currency in the future.
The obsession with bitcoin trading in South Korea is so huge that they have a term for referring to people who keep on checking bitcoin prices around the clock; bitcoin zombies. The country’s government has even expressed concern regarding this bitcoin obsession saying that it could lead to unhealthy effects and could promote bad habits in the youth such as drug dealing due to the fact that bitcoin transactions are completely untraceable.
The South Korean government is trying to take measures to bring bitcoin trading under control, the government has planned on introducing taxes on crypto transactions and has placed restrictions on underage and foreign investors from operating in crypto exchanges. The government is also introducing more restrictions in order to regulate the crypto market, one regulation bans the use of anonymous counts in crypto exchanges.
Naturally, this has led to outrage amongst many South Koreans, leading people to organize protests that demand the government to stop taking such measures. A group of investors have even come up with an online petition that they have made for the presidential Blue House, the petition already has 17,000 signatures and the government will have to take action once it reaches its goal of 200,000 signatures. Governments all around the world have tried to regulate the flow of crypto currencies but many of them have been unsuccessful for a number of reasons, it remains to be seen whether the South Korean Government will follow through with its regulatory decisions or whether it will have to stand down.