Survey 80% of South Koreans consider cryptocurrency as a form of gambling

Author: Tim Alper, Cryptonews; Translation: Song Xue, LianGuai

A survey in South Korea has found that 80% of citizens consider cryptocurrency to be a form of “gambling”, while many are concerned about the dangers of manipulation and price manipulation.

The survey was conducted by the newspaper “Segye Ilbo” and research company Embrain.

The survey, conducted from August 3rd to August 8th, interviewed 1,000 people nationwide on issues related to cryptocurrencies.

More than half (53.2%) of the respondents said they believe that investing in cryptocurrencies is equivalent to gambling, because most tokens are not backed by real-world assets.

Approximately one-fifth of the respondents expressed caution about manipulation, and 16% said they were “worried about price manipulation”.

5% of respondents said they were concerned about the “weak regulation” of tokens by financial authorities.

Less than 2% of respondents said they were worried about risks related to hacking attacks.

The report states that 370 respondents reported having experience in cryptocurrency trading, of which only 20% reported losses.

However, despite people’s apparent familiarity with cryptocurrencies, less than 6% of respondents who invest in cryptocurrencies said they “understand blockchain technology well”.

More than half of the investors said they have “some understanding” of the technology that supports cryptocurrencies.

More than 3% of respondents said they purchased cryptocurrencies without “any understanding” of blockchain technology.

South Korean cryptocurrency investors: one-fifth of them expect BTC prices to rise by 2024

76% of respondents said they believe it is “inappropriate” for public officials to invest in cryptocurrencies, reflecting the ongoing “CoinGate” scandal.

A series of domestic price manipulation controversies may also undermine confidence.

Data also shows that in South Korea, the cryptocurrency industry is still dominated by men.

More than half of the interviewed men in their 20s and 30s said they have participated in cryptocurrency trading.

Although one-fifth of respondents said they purchased cryptocurrencies as part of a long-term investment portfolio, 83.3% said they bought cryptocurrencies “for fun” or to earn “short-term profits”.

Respondents were also asked about their predictions for the Bitcoin market next year.

Most people expect the price to stagnate in 2024, but 21.3% expect the price to rise.

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