Cryptocurrency, like other technological advances, would typically be associated with young people. However, reports are showing that in South Korea, there is much more enthusiasm for investment among seniors.
Results from a survey of 2,530 adults conducted by the Korea Financial Investors Protection Foundation (KFIPF) last December confirms this. Seniors are more involved in cryptocurrencies than millennials. However, its the younger ones, with technical know-how, who are more active in actual buying and selling of digital assets.
Kwon Soon-Chae, an Analyst at KFIPF told South Korea’s Joongang Daily.
“People in their 60s invested larger amounts than any other age demographic, totaling 6.59 million Korean Won — or $6,194. The older the investor, the larger the investment”
That said, analysts like Kwon have warned that the seniors may not have full understanding of what they are getting themselves into. Despite showing general understanding of what cryptocurrency is, the seniors seem not to fully appreciate the volatility of this product.
South Korea Seniors Need Proper Investment Advice
People in their 60s invested more money than any other age group in South Korea. The fact that seniors are willing to risk bigger sums is concerning. This money is most likely out of retirement funds and it has got analysts like Kwon troubled.
“There’s a need for older investors to not lose their retirement savings on cryptocurrency investments”
South Koreans has been one of the most enthusiastic adoptees of digital currency from inception. This whilst great is contingent on the long term viability of cryptocurrency. Even though the general desire to invest has significantly waned, older Koreans have made it clear of their unparalleled belief.
It is wise to diversify your investment portfolio. The Founder of Ethereum, Vitalik Buterin, advised that people should only invest what they can afford to lose in cryptocurrency. The seniors certainly could use that advice.