A prominent South Korean media has found a new trendy subject – Cryptocurrency. Everything in today’s major newspapers carried reports on crypto fever 2.0, a wave of investment that had seen Bitcoin (BTC) and altcoin buying go through the roof.
This leads to eclipsing even in late 2017 and early 2018 when media outlets reported everybody from youth to centenarians trading with their allowance and pensions on cryptocurrency.
Yet, cryptocurrency frenzy 2.0 seems to be an entirely more exciting affair. The authorities have doubled down on their threats to “crackdown” on an “overheated” industry – and has aimed at folks targetting quick profits by utilizing the kimchi premium with the latest banking policies, as well as crypto criminal and multi-level marketers (MLM) scammers operating crypto-related fraud.
According to Seoul Kyungjae, the ruling Democratic Party is the most recent to express to the ensemble of policymakers and authorities encouraging “repression” on the sector.
Nevertheless, even the middle classes are stirring in on the crypto trading action. The TV network JTBC broadcasted a video report presenting interviews and testimonials with workers at some of the country’s biggest firms – the card giant Shinhan Card and Samsung. They stated that they had left their work after earning a significant sum of money on cryptocurrency investments.
The ex-Shinhan staff stated that he earned profits of around USD 2.7m by efficiently staking all of his lifetime savings – including loans – on crypto trades. He just left his job last March.
The former Samsung employee brought up recognition when he went online to declare that he had been able to gather USD 44,670 worth of funds to invest in crypto – and had walked away with almost USD 36,000,000.
Another employee in the busy financial district of Yeoido stated that there were so many people she knew had made money from their bitcoin investment which had left her feeling “anxious.”
And a previous employee from LG Electronics employee who asked to remain nameless informed CryptoNetwork.News that he had also made money from collective crypto buy and partners. Nevertheless, he jested that even though the capital had supported him bring up enough money to purchase “some big electrical appliances” for his home,” it “wasn’t the reason I quit my job!”
The former Shinhan Card employee has determined to turn into a full-time crypto vlogger since leaving his job.
The media outlet directed to Coinone crypto exchange data reveals that over half of the platform’s clients are aged 30-49, with the massive majority of the client base being in their 30s.
But Donga announced that there is also a great deal of action at the other end of the scale. Data from domestic crypto exchanges, the newspaper wrote, showed that 64% of new crypto investors are aged 20-39. And 1.5% of new investors are aged 19, the legal age of consent in the nation for activities such as crypto investment.
In another, a separate article from the same newspaper, there was testimony from 19- and 20-year-old investors. One, a university freshman, claimed that they had “opened an account at a cryptocurrency exchange as soon as” they turned 19 last month, adding,
“I was envious about the fact that my university seniors and friends had made money with crypto, and had quit their part-time jobs and started spending more.”
The investor surnamed Kim has already invested over USD 530 and “plans to increase his crypto investment by taking out loans or borrowing from family members.”
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