South Koreans Crypto Holdings Has Increased By 64%
South Korea has turned into a very good place for the development of virtual currencies as it currently has the highest digital asset trade volume in the world, a recent report says.
Korea Financial Investment Association (KOFIA) conducted research using data obtained from 2,500 people living in South Korea and who invested in virtual currencies such as ETH, BTC, and BCH. The result revealed that the average South Korean digital currency merchant has been able to grow their crypto holdings by 64.2 percent compared to that of last year.
KOFIA’s Research Result
This research served as a means of achieving KOFIA’s aim which is to ensure that trading practices are fair and to keep tabs on South Korea’s capital market and financial investments. The survey was conducted in December 2018 and it shows that 7.4 percent of the 2,500 people examined claimed to own cryptocurrencies. Also, South Koreans between 25 and 64 years of age who bought virtual currencies last year on the average invested over $6,000. This is more when compared to the last survey carried out by the organization. Older individuals in the country, that 50 years or older bought more virtual currencies, followed by individuals between 30 and 40 years of age. Although the crypto winter affected several other countries, it didn’t have any effect in South Korea as the average local trader was able to increase their crypto holdings with 64.2%. The rate at which people bought cryptocurrencies also increased from 6.4% which was obtained in 2017 to 7.4% obtained in 2018.
The South Korean Won has been able to capture 4.8% of BCH trade volumes worldwide, 2% of the world’s BTC trade volume, 1.4% of all ETH exchange volumes, 0.28% of LTC volumes, and 6.7% of all XRP exchange volumes.