Why Are South Koreans Crazy About Cryptocurrency?

In South Korea, the cryptocurrency trading community is primarily composed of millennials. As of the end of 2021, there were 5.6 million cryptocurrency trading users in South Korea, with 3.08 million of them falling in the 20 to 39 age range, accounting for 23% of the population within that age group.

The mindset of South Korean youth has undergone a transformation. They no longer seek the traditional path of hard work and education to secure ideal jobs, as this has become increasingly challenging in the current South Korean environment. They face intense competition in education and the difficulty of breaking through social class barriers. Consequently, cryptocurrencies have become a means for them to change their fate and achieve social mobility.

In South Korea, social stratification is a widespread issue, which makes the youth feel that they cannot change their social status. This negativity has given rise to the phenomenon of "low desire," causing the younger generation to be reluctant to engage in topics like marriage, further exacerbating South Korea's demographic and aging population problems.

At the same time, cryptocurrencies have become their way out of these difficulties. In the age of the internet, information spreads rapidly, and young people quickly learn about legendary stories of their peers getting rich overnight through cryptocurrency trading, fueling their enthusiasm for this new avenue.

The cryptocurrency craze in South Korea is driven by a combination of economic pressures, limited social mobility, and the allure of quick wealth – factors that have converged to make cryptocurrencies a beacon of hope for the country's young generation.