Koreans Squandered Millions in Bitcoin Gamble

One in three people who are aware of cryptocurrencies have also invested in them, spending on average W5.41 million per person, according to a straw poll by cryptocurrency exchange Bithumb (US$1=W1,062).

The firm polled 800 people.

Some 34.8 percent of respondents said they have used a cryptocurrency exchange. In a multiple answer questionnaire, 40.3 percent said they started getting involved in transactions out of curiosity and another 40.3 percent that they started once it became a fad.

Half of respondents in their 50s began trading at the recommendation of acquaintances.

The average amount they spent by age group was a whopping W9.33 million by those in their 50s, W6.44 million by those in their 30s, W5.41 million by those in their 40s, and W2.07 million by those in their 20s.

When they were divided into three tiers based on the amount, those in their top tier invested an average of W22.3 million, and those in the bottom tier W230,000.