Financial and Mental Aftermath of Loss: The Cause of Bitcoin Crush for Most Young Korean PopulationsApril 22, 2018
Perhaps it is true that once you enter Bitcoin, it is hard to get out from there, though you already lose a big part of your savings. This is what happened to young Koreans. For them, a cryptocurrency is like a one big but rare opportunity to experience prosperity.
Several months after the preceding year’s bubble, the country’s currency remains the 3rd most traded currency when it comes to Bitcoin. According to the reports released by Korea Expose, the country of the fifty-two million is composing seventeen percent of entire Euthereum trading, and it’s the location of the world’s largest exchanges for this winter season.
There are an estimated three of the ten salaried Korean workers, which eighty percent of these individuals are on the age bracket of 20 to 30, had invested in cryptocurrency according to the released survey of Saramin, a Korean recruiting company. But today that the cryptocurrency’s price, including Bitcoin, Ripple, and Euthereum had tanked, many Korean millennials found themselves dealing with financial and mental aftermath prior to their losses.
The Korean psychologist had reported the uptick of the patients towards this “Bitcoin Blues. The divorce counselors had said that Korean marriages are sacrificed due to failed investments. Also, the country’s Prime Minister had told that the virtual currencies are on the track to cause the Korean individuals a pathological social occurrence or serious distortion, which is currently attacking many of the Korean millennials. This kind of phenomena among the youth population can be unhealthy both financially and mentally.
On the other hand, there is notable remark when it comes to the Korean economy. The country is the home of some of the industry leaders in technology like Hyundai, Samsung and Kia, and it is on its 11th rank for the largest economic country worldwide, with the car LCDs, semiconductors, and other state-of-the-art technology products that dominate the world exports. The employment rate in the county, in general, is only 4.6 percent.
Some Korean millennials are still unemployed. The youth employment in the country is hovering around 10% from the previous five years. The country’s underemployment rate, which is 30% according to Justin Fendos, University professor of Dongseo, is even much higher as of the current year. With the people’s current status of the society, according to Yohan Yun, Seoul’s assistant reporter, they are generally unhappy, and the design of the country’s society is one of the big reasons why the cryptocurrency has become popular among millennials.
With the Bitcoin’s price had crushed just last January, which in totality wiped out about $44 billion according to Bloomberg, the impact is truly bothering. This extreme fluctuation had wrecked an emotion and financial havoc to most traders, which among had invested their life savings into it. The media of South Korea had linked multiple numbers of suicides prior to the cryptocurrency crash. All these and other issues have called top government official’s attention to formulate regulations about the cryptocurrency.