South Korea: 20 Year Olds "Most Active" at Cryptocurrency Investment
South Korean news agency, Yonhap, has reported that according to a recent survey, people in their 20s are the front-runners in cryptocurrency investment. The results aren't surprising — younger generations from all over the globe prefer to invest in this new industry instead of stocks and bonds.
Korea Financial Investors Protection Foundation surveyed 2,530 people, between the ages of 25 and 64, and found that 22.7 percent of 20-somethings purchased cryptocurrencies. They were followed closely by people in their 30s by 19.3%, 40s by 12%, 60s by 10.5 percent and 50s by 8.2%.
However, 60-year-olds were the ones who invested the largest amount of cash in cryptocurrencies with an average amount of 6.58 million won ($6,119). 50, 40, 30 and 20 year olds spent 6.28 million won ($5,840), 3.99 million won, 3.73 million won ($3,710) and 29.3 million won ($2,724) respectively. Altogether, 70.2% bought cryptocurrencies as a means of investment, while 34.1% bought it to pay for goods and services.
Besides South Korea, Venture capital firm, Blockchain Capital, surveyed over 2,000 Americans from ages 18-to-34 in Nov. 2017. The results showed that 30% «would rather own $1,000 worth of Bitcoin than $1,000 of government stocks or bonds», but only 2% of them owned cryptocurrency currently or previously. Blockchain Capital's managing director, Spence Bogart, said, «the results of the survey reinforce our conviction in the massive opportunity that lies ahead for Bitcoin.»
Another survey by UK-based cryptocurrency exchange, London Block, in Dec. 2017 revealed that out of 2,000 Britons, 5 percent of the below 45 years of age were investors in cryptocurrency, while 11% were planning to invest next year.
Thus, millennials show another approach towards investment when compared to their ancestors. A 35-year-old in the 1990s would be taking a look at real estate for purchasing properties, buying Certificates of Deposit (CDs), or buying retirement packages. But a 35-year-old nowadays intends to put more money into the decentralized future of investments - buying BTC, ETH or contributing in ICOs.
Analysts even said that people are picking Bitcoin over gold — last year, RJO Futures' Phillip Streible said, «Bitcoin has stolen a large market share of gold.» Throwing some light on this topic, cryptocurrency expert Garrick Hileman, explained that, «millennials started their income generating years during the fallout from the 2008 financial crisis, and many don't fully trust traditional financial services or the method in which they operate.»