If you have thought that cryptocurrency allures young investors, then take to North Korea for a change of mindset. The Korean Financial Investors Protection Foundation surveyed to find that 2530 adults (in their 60s) were some of the aggressive digital currency players in the country.
Kwon Soon-chae, the senior analyst at Korea Financial Investors Protection Foundation, is worried that this new brigade of older investors has little notion about the risk of the cryptocurrency.
They have money saved up from their life’s work, and with news all around representing digital currencies as a lucrative investment, many of these adults are becoming fooled. Soon-chae adds, “There’s a need for older investors to not lose their retirement savings on cryptocurrency investments.”
According to the survey, in terms of how many people are engaged with investing in the cryptocurrency market, people in their 20s take the lead a 23%. Then comes people in their 30s at 19%, the 40-year-olds account for 12%, whereas people aged 50 years and above represent only 8%.
But these figures change when we look into investment size. 20-year-olds have invested around 2.93 million Korean Won total, whereas people in their 30s and 40s both have invested near the 4 million won range. And the old folks? Their total investment is around the 6.29 million won mark.
However, these large figures were around December last year, when Bitcoin reached its all-time high. Obviously, people were intrigued with the digital currency, but now the hype is gone. According to the survey, currently, only 7% wish to continue investing, whereas 23.1% have developed a feeling of reluctance, and the remaining 70% have no intentions of ever investing the digital currencies. The most popular reason for refraining from cryptocurrencies seem to be fear of cyber criminals and hacking, followed by the volatility of the market.