From NewsBTC
Over the past six months, the vast majority of South Korea’s youth and millennials have invested thousands of dollars in the cryptocurrency market, with hopes to make big returns in the short-term.Read more: https://www.newsbtc.com/2018/03/03/young-south-koreans-invested-cryptocurrency-hope-lost-nearly-half-money/However, the massive market correction that occurred in January led most of the investments of South Korean millennials to decline by half, especially those that have invested in cryptocurrencies like Ripple, which is down 3x since its all-time high.
Glimmer of Hope
Former Google intern 24-year-old Juwon Park told NBC News in an interview that she didn’t expect or want a fortune from her $2,500 investment in the market, but seeked for a glimmer of hope which the strict South Korean society fails to offer to most young adults.In South Korea, many teenages are forced to a single system called the College Scholastic Ability Test, which is similar to the SAT of the US, to enter prestigious colleges. But, the lack of demand for university graduates and increase in demand for experienced individuals by companies have left millennials confounded and astray.
Consequently, many millennials have entered the cryptocurrency market, not necessarily to make a quick buck, but as a glimmer of hope.
“I didn’t want a fortune. I just wanted enough to give me that glimmer of hope. Now it’s gone,” said Park, adding that she had convinced her mother to invest another $25,000 in the market, which has decreased by more than 50 percent since January. “I wasn’t expecting 100 million won to fall from the sky. For me, because prices were rising so quickly, I thought they’d keep rising once I bought in. Then I realized I’d been too greedy.”
Well unless they've panicked and sold what they bought then they haven't lost anything yet. Wait until the end of this year and those that sold will be kicking themselves and probably buying back in.
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