Korean Crypto Investors Spent an Average of $6,000 in 2018

A report published on Monday indicates that the average South Korean cryptocurrency investor spent $6,000 on digital assets in 2018.

That data comes from research carried out by the Korea Financial Investors Protection Foundation (KFIPF).

It’s the second such survey that the non-profit organization has carried out.

For 2017, the KFIPF found that cryptocurrency investors on the Korean Peninsula spent an average of approximately $3,660 on digital assets.

The survey published this Monday, which covers last year, not only found that average spending grew by 64 percent last year, but that investor demographics were changing.

Uniquely, the KFIPF report claims that South Koreans in their 50s were most likely to buy cryptocurrency assets in 2018. That was followed by people in their 30s and 40s.

That was surprising given most surveys find that millennials and younger people are the most interested, and hence most likely to invest, in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Still a fringe activity

Still, cryptocurrency investment does remain a somewhat fringe activity.

Of the 2,500 people that the KFIPF surveyed, only 7.4 percent had put money into the digital assets markets.

That was a one percent increase on 2017, indicating that there hasn’t been any major uptick in cryptocurrency trading activity in South Korea over the past twelve months.

Given how stagnant the market was after crashing in February of last year, that’s not too surprising.

And even 7.4 percent of South Korea’s population would be approximately 3.88 million people - nothing to sniff at for those in the often overly niche cryptocurrency world.