80% of South Koreans Consider Crypto a Form of Gambling, Survey Finds
A South Korean survey has found that 80% of citizens think crypto is a form of “gambling,” while many expressed fears about the dangers of rug-pulls and token price manipulation.
The survey was conducted by the newspaper Segye Ilbo, 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 “concerns about price manipulation.”
And 5% said they were worried that coins were subject to “weak regulation by financial authorities.”
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 “understood” blockchain technology “well.”
Over half of the investors said they had “some understanding” of the technology underpinning crypto.
And over 3% said they had bought crypto “with no knowledge at all” about blockchain technology.
A massive 76% of respondents said they thought it was “inappropriate” for public officials to invest in crypto, a reflection of the ongoing Coin Gate scandal.
Confidence has also likely been shaken by a series of domestic price manipulation controversies.
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.
And while
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