Korean middle-aged women are amazing at cryptocurrency trading, buying more than millennials!

Although most people associate cryptocurrency investing with millennials, reports show that South Koreans over 60 invest much more per capita than younger people.

The older generation is financially powerful but a cause for concern

The results of a survey of 2,530 citizens conducted by the Korea Financial Investor Protection Foundation in December last year showed that older investors are more active in investing in cryptocurrencies than younger investors, although the latter are more active in buying and selling. The proportion of cryptocurrency purchases is inversely proportional to age.

Seniors in their 60s bought 6.59 million won (6,194 U.S. dollars) on average, more than any other age group. The older the investor, the larger the amount they invested.

However, the Korea Financial Investor Protection Foundation is concerned that older investors do not really understand what they are investing in. The senior analyst said:

Older investors need to remain vigilant and not lose their retirement savings by blindly investing in cryptocurrencies.

The survey results show that about 23% of young people over the age of 20 have invested in cryptocurrencies, while less than 19% of those in their 30s have invested in cryptocurrencies. Meanwhile, the proportion of people in their 40s who have invested in cryptocurrencies is 12%, while only 8% of those in their 50s have invested in cryptocurrencies.

In terms of investment amount, investors aged 60-69 purchased an average of 6.59 million won (6,194 U.S. dollars), followed by 50-59 years old (6.29 million won), 40-49 years old (3.99 million won), 30-39 years old (3.73 million won), and 20-29 years old (2.93 million won).

The Korea JoongAng Ilbo noted that 42% of participants in their 60s invested more than 3 million won, and 21% invested more than 10 million won.

Millennials are enthusiastic about Bitcoin

According to the above survey results, young people in their 20s are the leaders in cryptocurrency investment. This result is not surprising. Young people from all over the world have said that they prefer to invest in this new industry compared to stocks and bonds.

This is not just the case in South Korea. In November 2017, venture capital firm Blockchain Capital surveyed more than 2,000 Americans aged 18 to 34. The results showed that 30% of people "would rather own $1,000 worth of Bitcoin than $1,000 in government bonds or stocks," but only 2% currently or in the past held cryptocurrencies. Spence Bogart, the company's general manager, said:

The findings reinforce our confidence in Bitcoin, which faces tremendous growth opportunities.

Another survey of 2,000 Britons conducted by the UK cryptocurrency exchange London Block in December 2017 showed that 5% of those under 45 were cryptocurrency investors, while 11% planned to invest in the next year. According to reports, one-third of millennials are expected to invest in cryptocurrency by 2018.

Therefore, compared with their predecessors, millennials are keen on different investment methods. In the 1990s, a 35-year-old would buy a property, a fixed deposit or a retirement package as their first choice for investment. But today, 35-year-olds plan to invest more money in decentralized investment products, such as buying BTC, ETH or participating in ICO crowdfunding.

Last year, some analysts even said that Bitcoin has replaced gold in people’s minds. Phillip Streible of RJO Futures Exchange said:

Bitcoin has stolen a huge amount of market share from gold.

Cryptocurrency expert Garrick Hileman explained:

After the 2008 financial crisis, many people no longer fully trust traditional financial services and their operating systems.