GenZ in South Korea prefer XRP and other altcoins to BTC and ETH: Report
GenZ cryptocurrency investors in South Korea are reportedly more keen to invest in altcoins, specifically Ripple (XRP) than Bitcoin (BTC) and Ethereum (ETH), according to a local South Korean news outlet.
News1 Korea analyzed data from the crypto exchange Bithumb’s investment data from the first half of the year, particularly keying in on investment propensity by age. It found that investors in their 20s showed a more “aggressive” investment tendency compared to other age groups.
Moreover, GenZ investors showed a higher proportion of investments in altcoins other than BTC and ETH, which are classified in this study as both “long-term” investments and “stable investments” due to their relatively low volatility.
According to the report, 82.5% of investors in their 20s invested in altcoins excluding ETH. XPR was the most selected by GenZ investors with 20.7% holding the digital asset.
An Aug.4 report from the crypto derivatives exchange Bitget said that GenZ makes up nearly half of crypto copy traders.
On the other hand, the study out of South Korea said that the age group with the highest percentage of BTC and ETH investments was found to be investors in their 30s.
These statistics come as Ripple continues to face scrutiny and a lawsuit from regulators in the United States. A legal expert estimated that in the U.S. the conditions surrounding the altcoin have cost it 3 years of adoption.
Related: XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appeal
South Korea has recently been clamping down on crypto activity in the country. On Aug. 22 news surfaced that authorities in the city of Cheongju plan to seize crypto from thousands of users who have managed to evade local taxes.
On Aug. 9 the CEO of the crypto exchange Bitsonic was arrested by South Korean authorities due to allegedly stealing $7.5 million in user funds and will be on trial without preliminary detention.
Prior to that, on July 26, the country strengthened crypto regulation via the creation of an interagency investigation unit aimed at combating crypto-related crimes. It cited the reason being a rise in illicit activities in the crypto market and the need for investor protection.
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