Crypto funding has hit sky-high ranges in South Korea this yr, with buying and selling volumes at most exchanges breaking all types of information, leaving inventory market volumes within the mud behind. The problem of crypto has even infiltrated mainstream politics, the place it might set to find out the results of subsequent yr’s presidential elections.
However even if candidates are resorting to manifesto pledges as formidable as potential free token giveaways, the nation’s super-rich are nonetheless shying away from cash like bitcoin (BTC) – in favor of conventional markets just like the inventory trade.
Per the Munhwa Ilbo and EToday, the findings had been printed in a report by the KB Monetary Group (the operator of Kookmin Financial institution), which quizzed 400 South Koreans with over USD 850,000 price of belongings – and who’re thus categorized as “rich.”
In accordance with the report, when requested if that they had any intention of investing in cryptoassets, 70% of respondents answered that that they had “no intention.” An additional 26.8% had been not sure, with simply 3.3% stating that they had been “keen to speculate.”
And the report’s authors famous that usually, these answering “no” to the query of whether or not they had been keen to speculate mentioned that they thought crypto investments had been too “dangerous.”
The very richest surveyed – these with round USD 2.5m or extra price of belongings – appeared probably the most crypto-skeptic of all. Nearly half of this demographic said that they “don’t belief” crypto exchanges. And round a 3rd of the identical group admitted that their very own lack of information about how the crypto markets work was holding them again.
On this group, a paltry 1% said that they had an curiosity in making crypto investments.
For the wealthy, by far and away the most well-liked funding instrument was the inventory market, with over 60% stating they owned shares in listed firms. An additional 19% said they invested in funds, with one other 15% investing in “gold and jewellery.”
These with belongings price over USD 2.5m had been additionally extra prone to spend money on abroad firms, with over a 3rd indicating a choice for firms primarily based exterior South Korea. Fund traders overwhelmingly plumped for Chinese language funds – doubtless attracted by excessive development price figures from latest years.
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