Over Half of South Koreans Have Crypto Trading Experience, Survey Reveals
A recent nationwide survey conducted by the Hana Financial Group’s Research Institute in South Korea has found that over half of South Koreans aged between 20 and 59 have experience trading cryptocurrency. The study highlights growing adoption and engagement in the crypto market among the country’s population, with significant numbers currently holding digital assets.
Key Findings on Crypto Ownership and Investment Patterns
According to the survey, 51% of respondents reported having invested in cryptocurrencies at some point, while 27% are actively holding crypto assets—often referred to as "HODLing." For those currently holding cryptocurrencies, the average value of their holdings was approximately 13 million South Korean won, roughly equivalent to $9,547 USD.
The research also showed that in the early stages of crypto investment, Bitcoin (BTC) remains the primary focus for most traders. However, as investors gain experience, they tend to diversify into altcoins and increasingly include stablecoins in their portfolios. This trend reflects a maturing market where investors balance risk by holding a range of digital assets.
Use of Multiple Exchanges and Market-Leading Platforms
The data indicates that many South Korean traders actively seek optimal trading conditions by using multiple crypto exchange wallets. Over half of the survey participants reported holding wallets across several domestic exchanges. Upbit, the leading cryptocurrency trading platform in South Korea, was used by 70% of respondents, underscoring its dominant position in the market.
Timing and Growth of Crypto Investments
Most crypto traders in the survey (60%) indicated they started investing seriously around the 2020 Bitcoin bull run, a period marked by significant price surges. Initial stakes were generally modest, with 75% of new investors starting with less than 3 million won ($2,203 USD). Despite these small beginnings, investment values have grown substantially over time, with more than 40% of current crypto holders reporting that their portfolios exceed 10 million won ($7,344 USD).
Demographics and Investment Attitudes
Demographic analysis showed that the majority of cryptocurrency investors fall in the 40 to 49 age group, with men comprising 67% of crypto owners compared to 33% women. The survey revealed that most investors are white-collar workers, making up over half of all respondents with crypto holdings, while only 12% of physical laborers reported similar investments.
Moreover, South Korean crypto investors display a stronger appetite for financial risk compared to the general population. Approximately 38% of all respondents demonstrated an active or aggressive investment approach, double the 20% average seen among those who have not invested in crypto. The research institute behind the survey noted that experience with virtual assets correlates with a higher tendency toward aggressive investing.
Rising Interest in Stablecoins and Policy Developments
The survey findings coincide with reports of increased trading volumes in USD-pegged stablecoins and local "kimchi coins." Investment in tokens like Tether (USDT) has seen a considerable uptick in South Korea over 2024. Following the election of President Lee Jae-myung on June 3, interest in stablecoin-related speculative buying surged as the new administration announced plans to introduce a won-pegged stablecoin and support domestic companies in developing stablecoin-powered payment platforms.
Outlook
These trends reflect a growing engagement with cryptocurrency among South Koreans across various age brackets and professions. As regulatory frameworks evolve and the government supports innovation in digital assets, the South Korean crypto market is poised for further expansion.
The full survey results shed light on the profile and behavior of crypto investors in Korea, offering valuable insights for market participants, policymakers, and analysts observing the region’s developing digital economy.