Cryptocurrency investors from the GenZ population in South Korea have shown more interest in alternative currencies such as Ripple’s XRP, compared to more mainstream options like Bitcoin and Ethereum, according to a recent study by local news outlet News1 Korea. Ripple’s XRP was the top choice among altcoins, with 20% of GenZ crypto investors reported to hold the digital asset.
The study examined data from Bithumb, a popular crypto exchange, revealing that South Korean investors in their 20s tend to adopt a more aggressive investment strategy compared to other age groups. In particular, GenZ investors were called out for their preference towards altcoins, viewing them as both long-term and stable investments. This interest is despite Ripple facing legal scrutiny and regulatory lawsuits in the US.
The preference of GenZ for altcoins over Bitcoin and Ethereum stands in contrast with South Korean investors in their 30s who were reported to favor these original cryptocurrencies. Meanwhile, GenZ globally is reported to make up nearly half of cryptocurrency copy traders, according to Bitget, a crypto derivatives exchange.
These insights come amidst South Korea stepping up regulations on crypto activities. Recently, news broke of intent by authorities in Cheongju city to seize cryptocurrencies from tax evaders. Coupled with this is the arrest of Bitsonic’s CEO for allegedly misappropriating user funds. These actions by regulatory bodies underscore their intent to further enhance investor protection and mitigate rising illegal activities within the crypto market.