Survey: 52.9% Of South Korean College Students Are Interested In Investing In Bitcoin, 40% Are Actually Profitable
A recent poll carried out on college students in South Korea has revealed their affinity towards cryptocurrencies.
One In Every Four College Students Invest In Crypto
The report sampled opinions from 1,750 students, where 52.9% said they were interested in investing in Bitcoin, per the Korea Times. The poll was conducted by local job marketplace Alba Heaven.
One out of four college students, or 23.6%, were already involved in investing in cryptocurrencies.
Their total investments, which averaged 1.41 million Won ($1,251), mostly came from their part-time earnings. While 15.7% invested from their allowances, another 11% invested from their personal savings.
Less than half were making a profit, with 40.5% earning an average of 1.66 million Won, while 33% lost an average of 740,000 Won. However, the losses could grow larger as the cryptocurrency market experiences severe corrections.
According to the report, the majority (68.3%) of the young investors have suffered from a range of psychological side effects.
While some said they had been affected by the fluctuating coin prices, others said they struggle to keep up with their studies and daily routines because they suffer from stress and insomnia.
Some of them also claimed that they are addicted to crypto.
Millennial And Generation Z Investors See Crypto As Long Term Investment
The recent Bitcoin plunge has not deterred young people from being drawn to cryptocurrencies. Millennial and Generation Z investors may be well-prepared to ride out the crypto storm, as another survey shows they are ready to stay in crypto for the long haul.
According to the research by College Finance, which polled 500 college students and grads, more than 60% of students see crypto as a long-term investment.
While young people increasingly invest in cryptocurrencies, regulators in Europe have often warned about their inexperience, making them more vulnerable to the risky asset class.
Recent research from the UK's Financial Conduct Authority (FCA) revealed that young people are buying Bitcoin for the feeling they get from “status from a sense of ownership.” This drives them to take high risks in risky investments like cryptocurrencies.