Daily news
September 27, 2023

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

A survey in South Korea has found that 80 percent of people consider cryptocurrency trading to be akin to gambling. The survey, conducted by the Korea Research Institute of Crypto-Currency, involved 1,558 participants between the ages of 20 to 59. Of those surveyed, around 80 percent responded that they consider cryptocurrency trading a form of gambling, noting it was “in the same vein as scratch-off cards and lottery tickets.” The survey also revealed that 43 percent of respondents have not purchased any cryptocurrency, while an additional 37 percent had done so only for short-term investment. Just 20 percent of all participants indicated that they have purchased or held onto cryptocurrency for the purpose of investing. Furthermore, 43.7 percent of those surveyed also revealed that they are not interested in trading cryptocurrencies. Concerns relating to the lack of security measures, precluding financial losses, were cited by those surveyed as the primary reason behind their lack of interest. The survey also found that 58 percent of participants believe cryptocurrency is not useful for everyday purchases, and just 10 percent think they can use it to buy everyday goods. The overall sentiment in South Korea towards cryptocurrency appears to be one of significant skepticism, with the majority of participants not considering cryptocurrency as a reliable asset for long-term investing, and its usage largely considered as a form of gambling.