Perhaps it is true that it is difficult to get away from there after entering Bitcoin, even though you are already losing a large part of your savings. This is what happened to young Koreans. For them, a cryptocurrency is a great but rare opportunity to experience wealth.
A few months after last year’s bubble, the local currency remains the third most traded currency when it comes to Bitcoin. According to reports released by Korea Expose, the land of fifty-two million accounts for seventeen percent of all Euthereum trading and is the location of the world’s largest stock exchanges for this winter season.
It is estimated that three of the ten Korean workers, eighty percent of whom are between the ages of 20 and 30, had invested in cryptocurrency, according to the poll published by Saramin, a Korean recruitment company. But today, with the price of cryptocurrency including Bitcoin, Ripple and Euthereum falling, many Korean millennials faced financial and mental repercussions from their losses.
The Korean psychologist had reported the increase in patients in the direction of these “Bitcoin Blues”. The divorce counselors said that Korean marriages are being sacrificed because of failed investments. In addition, the country’s prime minister had stated that virtual currencies are on track to cause the Korean individuals a pathological social event or serious distortion that is currently attacking many of the Korean millennials. These types of phenomena in the youth population can be both financially and mentally unhealthy.
On the other hand, there is a notable comment when it comes to the Korean economy. Home to some industry leaders in technology such as Hyundai, Samsung and Kia, the country ranks 11th for the world’s largest economy with LCDs, semiconductors and other state-of-the-art vehicles, technology products that dominate world exports. The employment rate in the district is generally only 4.6 percent.
Some Korean millennials are still unemployed. Youth employment in the country has been around 10% for the past five years. The country’s underemployment rate, which is 30% according to Justin Fendos, university professor at Dongseo, is even higher as of this year. They are generally unhappy with the current status of people in society, according to Yohan Yun, Seoul’s deputy reporter, and the design of the country’s society is one of the main reasons cryptocurrency has become popular with millennials.
After the price of Bitcoin only fell last January and wiped out around $ 44 billion in total, according to Bloomberg, the effects are truly worrying. This extreme fluctuation had destroyed emotion and financial devastation for most of the traders who had invested their savings among them. The South Korean media had linked several suicides before the cryptocurrency crash. All of these and other issues have drawn the attention of top government officials to the formulation of regulations governing cryptocurrency.