Gen Z in South Korea prefers XRP and other altcoins to BTC and ETH: Report
A report from a local South Korean publication found that 20% of Gen Z investors in the country hold XRP, the most selected cryptocurrency.
Gen Z cryptocurrency investors in South Korea are reportedly more keen to invest in altcoins, specifically Ripple’s XRP (XRP), than Bitcoin (BTC) and Ether (ETH), according to a local South Korean news outlet.
News1 Korea analyzed 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 twenties showed a more “aggressive” investment tendency than other age groups.
Moreover, Gen Z investors showed a higher proportion of investments in altcoins than in BTC and ETH, which are classified in the study as both “long-term” and “stable” investments due to their relatively low volatility.
According to the report, 82.5% of investors in their twenties invested in altcoins, excluding ETH. XPR was the most selected by Gen Z investors, with 20.7% holding the digital asset.
An Aug. 4 report from the crypto derivatives exchange Bitget said that Gen Z makes up nearly half of crypto copy traders.
On the other hand, the study out of South Korea found that the age group with the highest percentage of BTC and ETH investments was investors in their thirties.
These statistics come as Ripple continues to face scrutiny and a lawsuit from regulators in the United States. One legal expert estimated that in the U.S., the conditions surrounding the altcoin have cost it three 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 for allegedly stealing $7.5 million in user funds and will be tried without preliminary detention.
Prior to that, on July 26, the country strengthened crypto regulation by creating an interagency investigation unit aimed at combating crypto-related crimes, citing a rise in illicit activities in the crypto market and the need for investor protection.
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