Is crypto entirely for a young individual’s game? Not in South Korea, it seems, wherein adjunct to crypto moms, some of whom are not scared to check with their children for trading tips, crypto grannies are starting to adopt the bitcoin (BTC) and altcoin markets.
South Korea Crypto Fever 2.0 appears to be in full swing. A glut of demographic data from January to March 2021 from the four largest crypto trading platforms in the country renders some fascinating interpretations. The data, reported in detail by the Segye Ilbo, reveals that six in 10 new crypto exchange clients are aged 20-39, with 33% of new traders aged 20-29.
Nevertheless, the numbers also discloses that approximately 6,000 new investors in the same period were aged 70 and above. These fresh crypto pensioners seems to be pretty active on the markets: They carried out a total of 773,179 trades in the first three months of the year.
There are 13,054 South Korean clients of Upbit, Bithumb, Korbit, and Coinone who are aged 70 and over – and they traded almost 2.7m crypto transactions in January-March this year. Despite the fact that their number is dwarfed by the quantity of twenty- and thirtysomethings in the market, it appears that one can never be too old when it comes to crypto, at the very least not in South Korea.
Jo Do-heon, 75, a previous architect and business owner and a Seoul resident, exposed some doubt, stating:
“I don’t believe that many people aged 70+ are trading bitcoin and whatnot. These statistics must be wrong. The older people get, the more risk-averse they become. It’s a highly volatile market, and most people my age prefer stability.”
Jeon Kyung-Ja, a 70-year-old homemaker in Suwon, stated that crypto apps might have become a playground for the wealthy, sharing that:
“Most people my age don’t have the money to spend on crypto investments. I’d like to, too. I’d gladly invest in bitcoin if I had the spare capital. It’s mostly richer people with spare money to play with who make crypto investments at my age.”
Lee Kang-sook is also 70 and a Suwon resident, and a retired former mathematics teacher. He stated,
“Ordinary folks my age lack the computer skills to be able to invest in bitcoin and other coins. We mostly wouldn’t know where to start. I can only assume that the people who are investing in [cryptoassets] in South Korea aged 70 and above are retired former civil servants with advanced technology skills or other people from that kind of sector.”
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