The KB Financial Group conducted an important survey in Korea recently, and the results are quite shocking to the crypto community. In the survey, they questioned the top 1% rich population of Korea about their investment in crypto. Of the 400 participants, more than seventy percent said that they have never invested in crypto and do not plan on investing in the future.
Of the remaining, around 26% said that they are unsure about investing in crypto, and the rest 3% showed interest in crypto investment. The findings are even bleaker in the case of the richest of rich. Among those with a $2.5 million net worth, more than half said that they cannot trust cryptocurrency and its volatility. It turns out that only 1% of the super-rich in Korea have any active interest in cryptocurrency investments.
The survey also asked questions to these wealthy people about their preferred investment instrument. Most of them primarily invest in stocks, and sizeable portions invest in real estate, gold, etc., instead of newer options. Most investors also showed a keen interest in investing in foreign firms. Most of them have heavy investments outside Korea and especially in China.
These surveys bring to our notice the fact that cryptocurrency is yet to gain credibility among big investors and institutions. While cryptocurrency has grown in South Korea at a rate much higher than stocks, the super-rich is still not confident in this asset’s strength. Only awareness and increasing crypto adoption rates can change this picture.