According to an article published on the Korea Joongang Daily, South Korean elders are investing more and more into crypto, after the hype and the big rise of prices that happened in December of last year. More and more elders dream with a retirement funded with winnings obtained in the cryptocurrency market. But, as some experts like the founder of Ethereum have stated, the crypto market is an uncertain investment.
Investing In Crypto
The survey made by the Korea Financial Investors Protection Foundation asked 2530 adults about their relationship with cryptos. The results showed some interesting facts. The young Koreans are in percentage the ones that hold more cryptocurrencies, averaging 12 percent of the surveyed. But in the percentage of the ones that knew about cryptos, elders were evenly matched with their younger counterparts. This shows that cryptocurrencies have reached deep into their society and even elders have knowledge of what they are.
From Where Comes The Money?
The survey also pointed some trouble things. Younger Koreans invested fewer quantities. And, the older the person, the bigger the investment in the cryptocurrency market. So we can make a safe assumption that the money invested from elders comes from retirement funds. This poses a problem, due to the volatility of the market. No one wants to lose their life savings on a cryptocurrency exchange, buy in a market as uncertain as this, it could be possible.
The Bottom Line
Korea has been one of the countries with more crypto awareness since its inception. And certainly, the market presents some big opportunities to invest, even for elders who want to multiply their life savings. But, as Vitalik Buterin (the Ethereum founder) once said: The crypto market could fall to zero any day. The rule to invest is to only allocate the money that you can afford to lose; a diversified list of investments is always the best bet.