THELOGICALINDIAN - Bitcoin and cryptocurrency is actively big business in South Korea and none added so than amidst the millennial bearing But the recentfreefallin prices beyond the lath has bent abounding aback and clumsy to cope
Currently, alike afterwards February’s crash, the Korean won is still the third better bill for bitcoin trades. It trails some way abaft the Japanese Yen and US Dollar but accounts for about bisected of trades alfresco these key currencies.
The country accounts for 17% of all ethereum trading, which is the additional better market. And about 30% of salaried workers accept invested in cryptocurrency, 80% of whom are amid 20 and 39.
Partly due to the anatomy of South Korean society. Although the abridgement seems to be in abrupt health, the allowances of this do not clarify bottomward to the adolescent generation.
Youth unemployment and underemployment (involuntarily alive a job you are overqualified for) ante accumulated add up to about 50%. Even those who do accept acceptable jobs accept little achievement of affording accommodation. In Seoul, the boilerplate drop for rental apartment is the equivalent of about US$400,000.
For many, afterwards audition the success belief of their peers, cryptocurrency advance seemed like a way out.
Mass acceptance really took off in the Autumn of 2017. That’s not so altered from the blow of the world, but the aberration in South Korea led to a exceptional of up to 50% on the amount of some coins. On the Korean markets, bitcoin fell from a aerial of US$25,000 to its accepted amount of about $7250.
Ironically, the blackmail (and consecutive implementation) of regulation, from a government agog to administration in the activity and aegis the brainy abundance of Korean youth, helped to accompany about the fall.
Korean millennials were ill-equipped to accord with the affecting rollercoaster that is ‘business as usual’ for as continued as I’ve accepted Bitcoin. Many had invested their life-savings in a atrocious attack to advance their situation.
This prompted a cardinal of adolescent traders to break things and column pictures to accurate their fury. Tragically some took things further, and several suicides accept additionally been affiliated to the crash. Somebody should accept been there to admonish these adolescent people, as acutely they didn’t absolutely acknowledge the risks. Now, they charge accord with the fallout from such a situation.
What are your thoughts on the generally acute responses to the airy cryptocurrency market, both in Korea and elsewhere? What admonition would you accord to newcomers entering the crypto space? Let us apperceive in the comments below.
Images address of Pixabay, Bloomberg
