According to Arirang Daily News, South Koreans are becoming more interested in cryptocurrency. This was reported by Arirang Daily News April 20.
According to reports, a survey done by the Korea Financial Investors Protection Foundation in December 2018 found that 7.4% of the 2,500 adults surveyed had purchased cryptocurrency. The figures are up by 1% compared to last year, despite industry challenges such as shifting regulation and exchange hacks.
This is more than just an increase in buyers. It can also be seen that cryptocurrency owners are willing to spend more. Arirang said that the average person’s investment in cryptocurrency rose 64% to $6,000.
Further, the survey revealed that crypto buyers are most likely to be older investors in their 50s, closely followed closely by those aged 30-40.
The recent bitcoin price rise to $5,300 at April’s start has prompted the reemergence of a bullish pattern that is unique to the South Korean market. This phenomenon is known as the “Kimchi Premium” and it observes that local traders pay a premium to bitcoin on exchanges, especially when they are measured in USD terms.