May 29, 2024
South Korean Gen Z crypto investors prefer XRP to BTC and ETH.
Altcoins News

Gen Z Cryptocurrency Enthusiasts in South Korea Favor XRP Over BTC and ETH

Young cryptocurrency investors from the Gen Z generation in South Korea are displaying a heightened interest in alternative coins, particularly Ripple (XRP), rather than Bitcoin (BTC) and Ethereum (ETH), according to a local news report. News1 Korea delved into investment data from the Bithumb cryptocurrency exchange during the first half of this year, with a specific focus on investment trends across different age groups.

The analysis revealed that individuals in their 20s are adopting a more assertive investment approach compared to their older counterparts. Furthermore, Gen Z investors are notably inclined towards alternative coins, which stand apart from BTC and ETH. These two cryptocurrencies are categorized as enduring and secure investments due to their comparatively lower volatility. The report highlighted that a significant 82.5% of investors in their 20s opted for alternative coins, excluding ETH. Among these choices, Ripple (XRP) emerged as the top preference among Gen Z investors, with 20.7% holding this digital asset.

A report from the crypto derivatives exchange Bitget on August 4th underscored that the Gen Z demographic accounts for nearly half of all crypto copy traders. Conversely, the study from South Korea indicated that individuals in their 30s demonstrated the highest percentage of investments in BTC and ETH. These observations align with Ripple’s ongoing challenges involving regulatory scrutiny and legal matters in the United States, which experts believe have impeded its adoption by around three years.

Meanwhile, South Korea has been intensifying its regulatory measures concerning cryptocurrency activities within the nation. Recent developments from August 22nd disclosed that authorities in the city of Cheongju are planning to seize cryptocurrencies from multiple users who have evaded local taxes. In addition, the CEO of the crypto exchange Bitsonic was apprehended on August 9th on allegations of embezzling $7.5 million in user funds. The CEO is scheduled to face trial without preliminary detention.

Prior to these incidents, on July 26th, the country bolstered its crypto regulations by establishing an interagency investigation unit focused on addressing crypto-related crimes. This decision was prompted by a rise in illicit activities within the crypto market and the imperative to safeguard investor interests.

Image by pixabay

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