A South Korean survey has discovered that 80% of residents assume crypto is a type of “playing,” whereas many expressed fears in regards to the risks of rug-pulls and token worth manipulation.
The survey was carried out by the newspaper Segye Ilbo, along with the analysis agency Embrain.
The survey noticed 1,000 individuals nationwide quizzed on crypto-related issues from August 3 to August 8.
Over half (53.2%) of the respondents who mentioned they thought crypto funding was equatable with playing mentioned that they felt this fashion as a result of real-world property don’t underpin most tokens.
Round one in 5 mentioned they had been cautious of rug-pulls, whereas 16% cited “issues about worth manipulation.”
And 5% mentioned they had been apprehensive that cash had been topic to “weak regulation by monetary authorities.”
Solely slightly below 2% mentioned they had been afraid of hacking-related dangers.
The companies reported that 370 of the respondents mentioned that they had expertise buying and selling crypto, with solely 20% of that quantity reporting losses.
However regardless of this obvious familiarity with crypto, beneath 6% of the respondents who invested in crypto mentioned they “understood” blockchain expertise “properly.”
Over half of the traders mentioned that they had “some understanding” of the expertise underpinning crypto.
And over 3% mentioned that they had purchased crypto “with no information in any respect” about blockchain expertise.
South Korean Crypto Buyers: 1 in 5 Count on BTC Costs to Rise in 2024
An enormous 76% of respondents mentioned they thought it was “inappropriate” for public officers to put money into crypto, a mirrored image of the continued Coin Gate scandal.
Confidence has additionally probably been shaken by a collection of home worth manipulation controversies.
The information additionally exhibits that in South Korea, crypto stays a male-dominated sector.
Greater than half of the boys of their 20s and 30s interviewed mentioned that they had traded crypto.
And whereas one in 5 mentioned they purchased crypto as a part of their long-term funding portfolios, six in 10 mentioned they purchased cash “for enjoyable,” or in a bid to make “short-term earnings.”
Respondents had been additionally requested about their predictions for subsequent yr’s Bitcoin markets.
Most predicted stagnant costs in 2024, however 21.3% mentioned they anticipated a rise.