Study: Wealthy Koreans do not plan to invest in cryptocurrencies

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Innovation Center Analystsfinancial group KB Financial Group came to the conclusion that more than half of wealthy Koreans (58.3%) do not plan to invest in cryptocurrencies and do not trust crypto exchanges.

The study surveyed 400people classified as wealthy. These are South Korean adults with assets worth more than 1 billion won ($760 000). The survey took place in June and July, that is, shortly after the collapse of the Terra ecosystem, which hit the South Korean cryptocurrency industry the hardest.

According to the research report, a total ofThere are 420-400 people in the Republic of Korea who can be called wealthy. This is just under 1% of the total population (51.45 million). About 40% of respondents said they do not trust cryptocurrency exchanges and therefore will not invest in digital assets. In addition, the volatility of cryptocurrencies is an obstacle - 36.1% of respondents said that the indicator is too high.

Interestingly, the number is also decreasingcryptocurrency owners among wealthy citizens. If last year 8.8% of respondents owned digital currencies, now only 7.8% of respondents reported such investments. Of these, about 70% are at a loss, while the average investment volume increased from 83.6 million won to 87.2 million won.

28.8% of respondents believe that cryptocurrencies will simply disappear in the future. And 16.8% of respondents expect that the industry will be strangled by regulators.

In early November, it was reported that 92% of professional investors are optimistic about the development of the cryptocurrency market, despite its decline.