Bitcoin

Rise

Coin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124342/328233/adobestock-227384332.jpeg" alt="Three tokens intended to represent Bitcoin, along with playing cards, dice, and banknotes, on a wooden tabletop." srcset="https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_1500_1000.jpeg 1500w, https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124342/328233/responsive-images/adobestock-227384332___media_library_original_300_200.jpeg 300w" sizes="100vw" width="1500" class="content-img"><figcaption>Source: nickolastock/Adobe</figcaption></figure>A <a href="https://cryptonews.com/tags/south-korea">South Korean</a> survey has found that 80% of citizens think crypto is a form of &ldquo;gambling,&rdquo; while many expressed fears about the dangers of <a href="https://cryptonews.com/news/web3-loses-12-billion-hacks-rug-pulls-so-far-2023-report.htm">rug-pulls</a> and token price manipulation.The survey was conducted by the newspaper <a href="https://www.segye.com/newsView/20230905514540" rel="nofollow">Segye Ilbo</a>, in conjunction with the research firm Embrain.The survey saw 1,000 people nationwide quizzed on crypto-related matters from August 3 to August 8.Over half (53.2%) of the respondents who said they thought crypto investment was equatable with gambling said that they felt this way because real-world assets do not underpin most tokens.Around one in five said they were wary of rug-pulls, while 16% cited &ldquo;concerns about price manipulation.&rdquo;And 5% said they were worried that coins were subject to &ldquo;weak regulation by financial authorities.&rdquo;Only just under 2% said they were afraid of hacking-related risks.The firms reported that 370 of the respondents said they had experience trading crypto, with only 20% of that number reporting losses.But despite this apparent familiarity with crypto, under 6% of the respondents who invested in crypto said they &ldquo;understood&rdquo; blockchain technology &ldquo;well.&rdquo;Over half of the investors said they had &ldquo;some understanding&rdquo; of the technology underpinning crypto.And over 3% said they had bought crypto &ldquo;with no knowledge at all&rdquo; about blockchain technology.<figure class="media"><oembed url="https://twitter.com/TheKoreaHerald/status/1698590886505152998"></oembed></figure><h2 id="south-korean-crypto-investors-1-in-5-expect-btc-prices-to-rise-in-2024">South Korean Crypto Investors: 1 in 5 Expect BTC Prices to Rise in 2024</h2>A massive 76% of respondents said they thought it was &ldquo;inappropriate&rdquo; for public officials to invest in crypto, a reflection of the <a href="https://cryptonews.com/news/south-korean-regulator-will-force-staff-declare-crypto-will-other-countries-follow-suit.htm">ongoing Coin Gate scandal</a>.Confidence has also likely been <a href="https://cryptonews.com/news/south-korean-prosecutors-seek-arrest-warrants-for-golf-star-bithumb-exec.htm">shaken by a series of domestic price manipulation controversies</a>.The data also shows that in South Korea, crypto remains a male-dominated sector.More than half of the men in their 20s and 30s interviewed said they had traded crypto.<figure class="media"><oembed url="https://twitter.com/DavidAltonHL/status/1605943712663715842"></oembed></figure>And while one in five said they bought crypto as part of their long-term investment portfolios, six in 10 said they bought coins &ldquo;for fun,&rdquo; or in a bid to make &ldquo;short-term profits.&rdquo;Respondents were also asked about their predictions for next year&rsquo;s Bitcoin markets.Most predicted stagnant prices in 2024, but 21.3% said they expected an increase.
]]>

80% of South Koreans Consider Crypto a Form of Gambling, Survey Finds

Table of Contents

Cryptonews.com

Other articles published on Sep 6, 2023

Palmswap Security Report (August 7, 2023)

Abu Dhabi: Standard Chartered's Crypto Firm Zodia Gets Broker Approval

Patex IDO on ChainGPT Pad

Alameda Buys Yacht for Co-CEO Sam Trabucco

Cardano (ADA) Price Analysis for September 6

Cardano’s ADA Surges Beyond $0.50 with Upgrades

Join our free newsletter for daily crypto updates!