• In South Korea, an estimated 8.4 million people own cryptocurrency, with more than 60% of them in their 20s and 30s.
  • Yoon announced that he will issue a total of 22,329 NFTs for around $40 each.
  • The two largest cryptocurrency exchanges in the region, Upbit and Bithumb, provided these figures. According to the average data, users in the 40-50 age group make up about 52% of the total users of both platforms.

The presidential election has been decided and cryptocurrency enthusiasts are celebrating the victory of Yoon Suk-triumph yeol today. In the recent presidential election in South Korea, the contenders desperately fought to gain the support of uncertain young voters. Both candidates did their best to make their campaigns negative.

South Korean Teens Seem Enthusiastic About Cryptocurrency

According to statistics, over 40% of Koreans between the ages of 20 and 30 own cryptocurrency assets, and overall cryptocurrency trading volume exceeds that of the KOSPI stock exchange. According to The Verge's Rachel Premack, the high unemployment rate in South Korea is a serious problem: it's especially difficult for people like us who are just starting out or are college students, as there is no way to build a solid living. For young Koreans, cryptocurrency seems like a once-in-a-lifetime opportunity. Another young Korean college student expressed his thoughts.

I am confident that I can work for the next 30 years. I could pay off the debt on a two-bedroom house and a car I didn't like very much. And just like that, my life came to an end. So they're wondering, what can I do to get out of this situation? The ban on Initial Coin Offerings (ICOs) enacted in 2017 was a primary concern for both candidates. Both candidates are aware of the dangers and offer potential remedies. Candidate Lee Jae-Myung stated that ICOs would be allowed if adequate security precautions were implemented, but did not specify what those safeguards would be. On the other hand, incumbent president Yoon Seok-yeol proposed using a bank-backed cryptocurrency exchange to convert ICOs to IEOs.

Yoon released his own NFT a week before the election, after he gained an advantage by detailing how he would manage the ICO. Yoon announced that he would issue a total of 22,329 NFTs at around $40 each. His opponent was caught off guard and immediately announced that he would also raise his airdrop of NFTs, but he could not match Yoon's impact. Yoon Seok Yeol ended his campaign by winning by less than 1% on March 9. Both candidates used cryptocurrency ideology to appeal to the younger generation, assuming the older defender had already settled on a candidate and would not change his mind.

How important is the reality that you look young?

Kim Hyoung-Joong, president of the Korea Fintech Blockchain Association, told Forkast News that an estimated 8.4 million people in South Korea own cryptocurrency, and more than 60 percent of them are in their 20s and 30s. Hyoung-Joong echoed the idea about older people voting, stressing that people in their 40s, 50s and 60s have already chosen their candidates and will not change their minds. However, a week before the election, research found that adults in their 40s and 50s in South Korea have significant cryptocurrency assets. The data was provided by Upbit and Bithumb, two of the largest cryptocurrency exchanges in the region. According to the average data, users in the 40-50 age group make up about 52% of the total users on both platforms.

Data shows that the 2018 cryptocurrency boom is between the ages of 20 and 30, while the current major players are 40 and 50 years old, with strong financial strength and stock trading experience. Both candidates' teachings could have attracted more people than they thought, which makes the election results even more important.