A recent survey in South Korea has revealed that 80% of the respondents think of crypto as a form of gambling rather than an investment. The survey, conducted by the Korean Financial Investors Protection Foundation (KFIPF), interviewed more than 5,000 people between the ages of 19 and 42.
Overall, respondents did not have a positive outlook on the cryptocurrency market. Almost 80% of those surveyed consider cryptocurrencies to be a form of gambling, and only 5% view them as an investment vehicle. Most respondents cited the high volatility and lack of profitability as factors that prevent them from investing in cryptocurrencies. More than 40% of the participants said that the risks associated with cryptocurrencies were too great, while 30% felt that the market was too unstable and unpredictable.
While the survey participants had a generally pessimistic view of crypto, they had a slightly more positive outlook on their government’s stance towards crypto. Around 65% of those polled said that they believe the government will likely change its stance to be more permissive. Most respondents feel that the government will likely begin to support the cryptocurrency industry in the future, as it has done in other industries.
The survey also revealed that most of the respondents had heard about cryptocurrencies, with almost 95% having heard the term “cryptocurrency”. Of these, 62% said that they had some level of knowledge about cryptocurrencies, though only 10% have invested in them. Moreover, 20% of the general population said that they were planning to invest in cryptocurrencies in the future.
Overall, the results of the survey show that the majority of the South Korean population views cryptocurrencies as a form of gambling rather than an investment. Despite the general negativity in the survey, it appears that many South Koreans believe that the government will eventually move towards regulating the industry. In the meantime, it appears that most investors prefer to stay away from cryptocurrencies due to the high volatility and lack of profitability that currently plagues the market.
