In the present times, many consider the South Korean market a hub for the cryptocurrency and blockchain industry. This is something that even most cryptocurrency-related firms have claimed about the country.
South Korea is one of the countries that were fast to jump to the opportunity of adopting cryptocurrencies. The tech-savvy class in the country was one of the pioneer groups that started adopting cryptocurrencies.
While many countries from around the world are considering the possibilities of adopting cryptocurrencies, South Korea is taken its adoption to the next level.
The country already recognizes cryptocurrencies as a legal entity that the citizens are investing in and making huge profits. The country has even started supporting companies and startups willing to provide more exposure to the cryptocurrency industry.
The country is not looking to create job opportunities for their youth so when they are of age, they will have an extra sector where they would be able to look for jobs.
Just last week, the economists and analysts from South Korea were in a state of awe when the cryptocurrency trading volume surpassed the overall trading volume of South Korean stocks.
Although it was good news for the cryptocurrency communities in the country, it was an alarming and concerning thing for the analysts and the country’s government.
As the cryptocurrency industry is mainly decentralized and unregulated, it is very difficult for governments to track all activities of the industry.
Initially, the South Korean investors for cryptocurrencies were companies and individuals who had a knack for investments. Now, almost every age group and individual in the country adopt the industry. A recent survey carried out in South Korea showed how South Koreans from all age groups are investing in cryptocurrencies.
Whether it is oldies with their pensions or teenagers with their pocket monies, they are all investing in cryptocurrencies. While the South Korean government and regulators try to assess the situation, another survey has emerged with alarming results.
The recent survey shows that people in the middle-class groups have also started investing in cryptocurrencies. The survey shows there were many people from the particular class who left their jobs just because they are making good money trading in cryptocurrencies.
The people leaving jobs are not just workers at some small companies but are from Samsung and Shinhan Card.
One of the employees at Shinhan Card recently shared his story of how he became a millionaire and left his job. According to the employee, he had taken out all of his money from his savings account and took loans.
He stated that he put all of the money he was able to gather up for cryptocurrency trading. As the markets are high, his investment ended up bringing him a total of $2.7 million.
One employee from Samsung had the same story to tell, as he invested around $44,670 worth of money is won and ended up making $36 million, so he no longer needed a job.