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Cryptocurrencies
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Bitcoin Share
Coin Edition 2024-12-03 07:30:00

$19B Leaves South Korean Banks—Heading Straight to Crypto and Stocks

$19B Leaves South Korean Banks—Heading Straight to Crypto and Stocks

South Korean investors moved $19.2 billion from banks to riskier assets in five months. Cryptocurrency accounts among South Koreans aged 60+ surged by 30.4%. Younger investors in their 20s reduced crypto accounts by 6.4%. South Korea’s crypto market is seeing a surge as investors shifted 27 trillion won ($19.2 billion) from demand deposits in banks to higher-risk assets, including cryptocurrencies and stocks. Market observers link the surge in crypto investments to the shift in the global political landscape, especially after Trump’s return. Data from the Financial Supervisory Service, shared by opposition lawmaker Ahn Do-geol, highlights the generational dynamics of this trend. Cryptocurrency accounts among South Koreans aged 60 and older surged by 30.4% since late 2021, signaling increasing adoption among retirees. Similarly, investors in their 50s saw a 22.5% rise in crypto accounts. In contrast, younger South Koreans have shown a more cautious approach; individuals in their 20s reduced their crypto accounts by 6.4%, while those in their 30s increased their participation by a modest 8.3%. South Korea Delays Crypto Taxation For Another Tw… The post $19B Leaves South Korean Banks—Heading Straight to Crypto and Stocks appeared first on Coin Edition .

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