Young South Koreans prefer XRP to Bitcoin and Ethereum

Young South Koreans prefer XRP to Bitcoin and Ethereum

Young crypto investors in South Korea prefer XRP to Bitcoin (BTC) and Ethereum (ETH), two of world’s largest cryptocurrencies by market capitalization. 

XRP is a dominant choice among Gen Z South Korean investors

Bithumb data reveals that 82.5% of investors in their twenties, often referred to as “Gen Z”, preferred other altcoins but not ETH.

According to local news outlet News 1, which analyzed Bithumb’s investment data in H1 2023, it was discovered that Gen Z investors often opt for altcoins with higher volatility than BTC and ETH. Meanwhile, older investors tend to be more conservative. 

It was observed that South Korea’s Gen Z invested more in XRP than BTC and ETH, with the former’s investment being 3.2% higher than the latter. At the same time, they chose periphery altcoins, for instance, Fellaz (FLZ) and Mines of Dalarnia (DAR), which were listed on Bithumb on March 31 and Jan. 27, respectively. 

XRP is also preferred by investors in their 30s, 40s, 50s, and 60s. However, the coin is mostly accumulated by Gen Zs and those in their 40s prefer ETH and BTC, meaning that they could be more risk averse. Even so, investors in their 30s have the highest percentage of BTC and ETH investments.

Commenting on the investment choice of people within the 20s age group, Wonderframe CEO Kim Dong-hwan, a domestic expert on virtual assets, said younger investors appear to be targeting short-term gains rather than holding on for longer.

South Korea recently launched a special investigations unit to combat crypto-related crimes in the country. The new team will focus on highly volatile coins since it is widely believed that they are ideal for money laundering, tax evasion, illicit trading, and other criminal activities. 

Follow Us on Google News

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker