Survey: 80% of South Koreans believe cryptocurrencies are a form of gambling

Author: Tim Alper, Cryptonews; Compiler: Songxue, Golden Finance

A survey in South Korea found that 80 percent of citizens consider cryptocurrencies a form of “gambling,” while many expressed concern about the dangers of rigging and token price manipulation.

The survey was conducted jointly by Segye Ilbo newspaper and research company Embrain.

The survey surveyed 1,000 people across the country from August 3 to August 8 on cryptocurrency-related issues.

**More than half (53.2%) of respondents said they believe cryptocurrency investing is tantamount to gambling, and they do so because real-world assets do not back most tokens. **

**Roughly one in five said they were wary of the pull action, while 16% said they were "concerned about price manipulation." **

Five percent said they were concerned about tokens being “weakly regulated by financial authorities.”

Fewer than 2 percent said they were concerned about the risks associated with hacking.

The firms reported that of the 370 respondents who said they had experience trading cryptocurrencies, only 20 percent reported losses.

But despite people’s apparent familiarity with cryptocurrencies, less than 6% of respondents who invested in cryptocurrencies said they had a “good understanding” of blockchain technology.

More than half of investors said they had “some knowledge” of the technology underpinning cryptocurrencies.

More than 3% said they purchased cryptocurrencies without “complete knowledge” of blockchain technology.

Korea Cryptocurrency Investors: One in Five Expect BTC Prices to Rise in 2024

Reflecting the ongoing Coingate scandal, 76 percent of respondents said they do not think it is “appropriate” for public officials to invest in cryptocurrencies.

A series of domestic price-fixing controversies may also have shaken confidence.

The data also showed that cryptocurrency remains a male-dominated industry in South Korea.

More than half of the men in their 20s and 30s interviewed said they had traded cryptocurrencies.

While one in five people said they buy cryptocurrencies as part of a long-term investment portfolio, six in ten said they buy cryptocurrencies “for fun” or to make “short-term profits.”

Respondents were also asked about their predictions for the bitcoin market for the next year.

Most expect prices to stagnate in 2024, but 21.3% said they expect prices to increase.