While there is talk of taxation in cryptocurrency trading in South Korea from January 2022, a recent survey revealed that the majority of South Korean investors do not want to invest in cryptocurrencies.
According to the 2021 Korea Asset Report published by KB Finacial Group, when asked whether they would like to invest in cryptocurrencies, 70% of respondents said they did not want to invest.
South Korean citizens with financial assets of 1 billion Korean won (approximately $847,816) participated in the survey.
Only 3.3% of 400 respondents said they are considering investing in cryptocurrencies, while the remaining 26.7% said they are undecided and will make an investment assessment based on the circumstances.
Half of the South Korean respondents who stated that they do not want to invest stated that they think crypto investments are high risk.
Participants also cited the distrust of cryptocurrency exchanges, their lack of sufficient knowledge about this issue, and the volatile nature of cryptocurrencies as reasons for not wanting to invest.
60.5% of respondents said they chose to invest in stocks that they believe will bring long-term returns as an alternative to investing in cryptocurrencies.
In the light of the results, the report said, “In general, the rich prefer the method of making profit by actively operating the assets they own.”
The stance of many wealthy people against Bitcoin and cryptocurrencies shows that we still have a ways to go. Because as adoption increases, it will be easier for more people to accept cryptocurrencies.
When full adoption occurs and Bitcoin begins to be accepted by everyone as digital gold, those who invest early will be one step ahead of those who realize it later.
*Not Investment Advice.