Like every generation before them, the MZ Generation of Korea has faced its fair share of challenges. From the climbing prices of real estate to 40% of youths being considered impoverished with incomes falling below 50% of the median, only 12.7% of the MZ population owning homes[1]the widening wealth gap, and more – the youth are feeling the pressure. These economic challenges have pushed young people to seek additional sources of income to supplement their needs and help them achieve their financial goals. While some commit to working part-time jobs, micro-influencing, or becoming Youtubers, many have also turned to cryptocurrency to aid them in their search for financial mobility.
[Image by League of Traders]
As the youth employment crisis deepens and credit card debt continues to soar, even those with full-time jobs are feeling the pressure to boost their income. These economic challenges have created the perfect breeding ground for a new generation of traders. According to a poll cited by Investopedia, 40.4% of 1,885 employees surveyed had invested in cryptocurrency. When it came to those aged 30-39, nearly half have invested, while 37.1% of workers in their 20s reported doing the same[2]. This growing interest in crypto reflects the increasing desire for financial security among younger generations.
The Korean public has long been known for its early adoption of new technologies, and cryptocurrency is no exception. Korea has emerged as a leader in the crypto world for some time, ranking among the top global markets in trading volume. Despite the ongoing regulatory challenges and general public skepticism, the crypto scene continues to grow. Trading is becoming especially common among tech-savvy young adults eager to explore new financial opportunities, many of whom see it as the key to gaining financial independence.
Though many Koreans still turn to YouTube for trading advice, a new wave of investors has begun to rely on social trading. According to Statista, by 2021, about 10% of South Koreans had invested in cryptocurrency, and as these numbers continue to rise, so does the need for community. Just recently, social trading platform League of Traders held an exclusive meet & greet event at Gangnam’s L7 Hotel, drawing users eager to connect not only with the platform’s creators but also with fellow traders. Representatives from League of Traders claimed the crowd, with nearly double the anticipated turnout, was younger than expected.
Platforms like League of Traders simplify trading by providing users with a ranking of the top traders, access to their profiles (portfolios), and even automatically copy their trades. Their in-app timeline allows users to connect by showing off their recent wins and losses, providing them with a community of like-minded traders. With so many young Koreans actively using Instagram, one of South Korea’s top social media platforms, it’s no surprise that League of Traders, often called the ‘Instagram of crypto,’ has become the country’s leading social trading platform.
This begs the question, will a new social networking platform like League of Traders be what pushes crypto into the Korean mainstream? According to them, yes. A representative explained, “We purposefully have teammates unfamiliar with crypto. We use them to gauge whether our design and even the wording we use is understandable to a regular person with no trading know-how. We aspire to make trading fun and accessible for everyone. And we believe that is what it will take to get everyone onboard.”
Reporter Park Won-joong ([email protected])
