In an enlightening snapshot of South Korean sentiment towards cryptocurrencies, a recent survey detailed some fascinating prospects, alongside strong echoes of skepticism. The entity behind this analysis was none other than Segye Ilbo, who partnered with Embrain; a renowned research firm, for this task.
Over the duration from August 3 to August 8, the pair involved as many as 1,000 nationals in a probing discourse regarding everything cryptocurrency. The outcome? As high as 80% resonated with the controversial view that digital currencies are more akin to “gambling” operations than legitimate investment channels. Unearthed reasons varied from absence of real-world asset support for virtual coins (53.2%) and susceptibility to “rug-pulls” (20%), to fears of price manipulation (16%) and inadequacy of regulatory supervision (5%). Risks related to hacking, although less prevalent, were still acknowledged by 2% of respondents.
When it came to actual trading experience, approximately 370 participants had dabbled in this field. Interestingly, amongst these, only 20% confessed to incurring losses. Yet, the understanding of underlying blockchain technology was less acknowledged. While ghostly under 6% took pride in a thorough understanding, over half settled for a partial comprehension. An audacious chunk, over 3%, even declared their investment as a leap of faith without any grasp of this tech-tidbit.
On a demographic note, the survey records a predominantly male participation in the crypto realm, mostly comprising men in their twenties and thirties. But even amongst these, investing motivations were varied. While one in five attributed purchases to long-term portfolio augmentation, six in ten declared their engagements to be more whimsical, short-term exploits driven by fun or interest in making quick gains.
Public figures featuring in cryptocurrency investments though, were less appreciated. A climactic 76% pronounced this as unsuitable, an inclination fostered by an ongoing scandal colloquially termed as Coin Gate, and domestic price manipulation controversies.
As for future predictions regarding Bitcoin, while many favored stagnation for 2024, there was a substantial 21.3% rooting for a price rise. Whether these gleanings are indicative of the global crypto mindset or are isolated to South Korea only, remains to be seen.
Source: Cryptonews
