80% of Koreans Contemplate Crypto a Type of Playing

Supply: nickolastock/Adobe

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.

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