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Crypto Billionaires in South Korea: Young Investors Hold $739 Million

Author: Content Editor
A study conducted by Upbit and Bithumb has revealed that there is a growing presence of young South Koreans with substantial cryptocurrency holdings. The study found that over 180 South Koreans in their 20s have digital assets worth over KRW 1 billion ($750,000). Additionally, there are approximately 3,759 individuals in South Korea with crypto accounts worth more than KRW 1 billion, with 185 of them being investors aged between 20 and 29. These young investors collectively possess about KRW 967.2 billion ($739 million), averaging around KRW 5.2 billion ($3.9 million) each. Industry experts attribute their wealth to strategic investments and diversifying inherited assets. The report also highlighted that the largest group of crypto billionaires falls within the 40s age range, while individuals above 50 years old held the most cryptocurrency overall. This increase in crypto investors in South Korea may be due to the country's efforts to support the cryptocurrency industry, such as passing a user protection act and establishing organizations to safeguard crypto assets. Additionally, a Democratic Party lawmaker has proposed expanding the definition of "improper solicitation" to include crypto and insider information sharing.

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