South Korean Newspaper Company Reports Booming Cryptocurrency Activity in the Country

South Korean Newspaper Company Reports Booming Cryptocurrency Activity in the Country

According to a recent report by popular South Korean newspaper house Dong-A, cryptocurrency investors in the country transacted about $7 billion per day from January 1 to February 25, 2021.

Kim Byeong-wook, a Democratic member of the parliament, arrived at that figure by collecting data from Bithumb, Upbit, Korbit, and Coinone, some of the most popular cryptocurrency exchanges in the country.

According to the research, 42% of the average volume got traded on the KOSPI stock exchange. The newspaper manufacturer highlighted that this is the first investor-related statistical data for the four largest cryptocurrency exchanges in South Korea is going mainstream.

The research work also revealed that users of the four exchanges transacted about $395 billion in the same period. This number is way ahead of the 2020 figure of just $315 billion. Dong-A noted that South Koreans between the ages of 20 to 39 were responsible for thousands of dollars worth of cryptocurrency investments.

The newspaper giant expounded upon the possible reasons for the recent surge in transaction figures in South Korea, noting that:

“This investment rush began to catch fire as liquidity was backed up and global companies started to invest in cryptocurrency one after another. After Paypal, an online payment company started making bitcoin payments, Tesla also decided to accept Bitcoin payments. Leading financial companies such as Black Rock, the world’s largest asset management company, have also announced investments in bitcoin.”

More South Korean Women are Trading Cryptocurrencies
Meanwhile, the research also quotes retail investors’ statements on the matter. One of the subjects, aged 29, said that cryptocurrencies are better investment vehicles than stock trading.

Females within the ages of 40 and 49 in South Korea have reportedly been actively buying Bitcoin in recent weeks. The newspaper report labels this trend the “second boom” of cryptocurrencies in South Korea, as most of the females surveyed were mothers.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.