According to Gate News bot, as reported by Cointelegraph, Crypto Assets are flourishing in South Korea, but according to a South Korean expert, the driving force behind it is less about optimism and more about the younger generation's despair over the economy.
According to data from the end of March, boosted by the victory of U.S. President Donald Trump in November last year, the number of users of South Korean crypto assets exchanges has exceeded 16 million. This figure accounts for more than 30% of the country's total population.
However, comments made by Eli Ilha Yune, Chief Product Officer of quantum machine learning startup Anzaetek, at the Germany Blockchain Week indicate that this does not stem from the enthusiasm of the South Korean public for blockchain technology. He explained during the "Asian Insights" panel discussion that there are many "Crypto Assets traders" in South Korea.
Yune pointed out that "the motivation of South Korean Crypto Assets traders is not driven by a belief in Web3 as it is in the West." Instead, he attributes it to the younger generation's despair over the economy, which prompts them to seek "quick money."
At the time Yune made the above remarks, South Korea's newly elected president Lee Jae-myung was accelerating the fulfillment of his campaign promises to incorporate digital assets into the South Korean financial system and had devised an ambitious institutional Crypto Assets integration plan.
This includes support for the issuance of domestic stablecoins. According to reports, the governor of the Bank of Korea stated that he does not oppose the issuance of a stablecoin based on the Korean won.
Crypto Assets have long been popular among the younger generation. The "2025 South Korea Wealth Report" shows that the number of Crypto Assets held by "young wealthy individuals" is three times that of wealthy individuals over the age of 45. Additionally, according to local reports, 34% of high-net-worth individuals in South Korea already own Crypto Assets.
However, Yune stated that this does not stem from the general belief among young people in South Korea in the potential of Crypto Assets. He pointed out that South Korea has become accustomed to a high-growth economy, but the economy cannot keep up, leading to unemployment among the younger generation.
In May, the youth unemployment rate for those aged 15 to 29 in South Korea was 6.6%, more than twice the overall unemployment rate of 2.7%.
Yune acknowledged that stocks will be the first choice for young people in South Korea. However, he also pointed out that "their returns are not high." Yune stated that housing is out of reach, both from personal needs and investment perspectives, "they can no longer afford to buy houses, and even rent is too high. So their only option is to engage in Crypto Assets trading."
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Quiet
· 06-20 14:19
That's because coins have very low costs, making it accessible for everyone to play. The threshold is low, and if you get lucky, you can turn things around. When encountering those new coins that can multiply by dozens or even thousands of times, it is indeed easy to make a comeback. With reduced stock trading costs, it's very difficult to make money.
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GateUser-ec67b7c9
· 06-20 13:32
Korea is going to be played people for suckers by the United States again, and once they go in, there will be more people jumping off buildings.
Fight for it, OCN becomes a motorcycle: The younger generation in South Korea hopes to turn their fortunes around with Crypto Assets in despair.
According to Gate News bot, as reported by Cointelegraph, Crypto Assets are flourishing in South Korea, but according to a South Korean expert, the driving force behind it is less about optimism and more about the younger generation's despair over the economy.
According to data from the end of March, boosted by the victory of U.S. President Donald Trump in November last year, the number of users of South Korean crypto assets exchanges has exceeded 16 million. This figure accounts for more than 30% of the country's total population.
However, comments made by Eli Ilha Yune, Chief Product Officer of quantum machine learning startup Anzaetek, at the Germany Blockchain Week indicate that this does not stem from the enthusiasm of the South Korean public for blockchain technology. He explained during the "Asian Insights" panel discussion that there are many "Crypto Assets traders" in South Korea.
Yune pointed out that "the motivation of South Korean Crypto Assets traders is not driven by a belief in Web3 as it is in the West." Instead, he attributes it to the younger generation's despair over the economy, which prompts them to seek "quick money."
At the time Yune made the above remarks, South Korea's newly elected president Lee Jae-myung was accelerating the fulfillment of his campaign promises to incorporate digital assets into the South Korean financial system and had devised an ambitious institutional Crypto Assets integration plan.
This includes support for the issuance of domestic stablecoins. According to reports, the governor of the Bank of Korea stated that he does not oppose the issuance of a stablecoin based on the Korean won.
Crypto Assets have long been popular among the younger generation. The "2025 South Korea Wealth Report" shows that the number of Crypto Assets held by "young wealthy individuals" is three times that of wealthy individuals over the age of 45. Additionally, according to local reports, 34% of high-net-worth individuals in South Korea already own Crypto Assets.
However, Yune stated that this does not stem from the general belief among young people in South Korea in the potential of Crypto Assets. He pointed out that South Korea has become accustomed to a high-growth economy, but the economy cannot keep up, leading to unemployment among the younger generation.
In May, the youth unemployment rate for those aged 15 to 29 in South Korea was 6.6%, more than twice the overall unemployment rate of 2.7%.
Yune acknowledged that stocks will be the first choice for young people in South Korea. However, he also pointed out that "their returns are not high." Yune stated that housing is out of reach, both from personal needs and investment perspectives, "they can no longer afford to buy houses, and even rent is too high. So their only option is to engage in Crypto Assets trading."