Korean Youth Turn to Crypto as a Last Shot at Prosperity
Cryptocurrency usage in South Korea has surged, with over 16 million users, representing more than 30% of the population. This increase is attributed to economic desperation among the younger generation rather than enthusiasm for blockchain technology. Eli Ilha Yune from Anzaetek stated that many young traders seek quick financial gains due to high youth unemployment, which stands at 6.6%, significantly above the overall rate of 2.7%. The younger demographic holds three times more crypto than those over 45, with 34% of high-net-worth individuals owning crypto. Rising real estate prices, with median apartment costs in Seoul exceeding 1 billion won ($689,000), have made housing unaffordable, pushing youth towards cryptocurrency as an investment alternative. Yune emphasized that many traders lack awareness of the underlying technology and infrastructure of crypto.
