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Young Koreans Turning to Crypto as Alternative for Creating Wealth
Young employees in their 20s and 30s are reportedly leaving the workforce to pursue riches in crypto trading.
Updated Sep 14, 2021, 12:47 p.m. Published Apr 27, 2021, 9:36 a.m.
Young South Koreans are reportedly turning to cryptocurrencies as a means of generating wealth in greater numbers , much to the chagrin of their employers.
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Many of South Korea's young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading, according to a report by local news outlet The Chosun Ilbo on Tuesday.
Their goal is to escape poverty and amass enough wealth to buy a home, a dream many young people worldwide feel is out of reach.
"I face the reality of being unable to afford my own home no matter how hard I save up my salary," said one anonymous worker cited in the report. "There is no other way than cryptocurrency investments for me to accumulate wealth."
Some employers even threaten to block access to crypto trading websites during trading hours as employees check on price fluctuations continually throughout the day.
Many employers are experiencing an exodus in the workforce of young people who are looking to make their fortune trading amid the current crypto bull run.
This is particularly prominent in the IT industry, where professionals are quitting their jobs once their trades have brought them healthy profits.
See also: South Korea’s Top Financial Regulator Suggests All Crypto Exchanges Could Be Shut Down
The report cites success stories like Han Jung-soo who reportedly left his employer after three years because he accrued over $2.6 million through trading.
"This is one of the reasons that IT companies have recently rushed to give big pay rises to their staff," laments one team leader from a startup in the south of Seoul. "Most employees of IT companies in this area invest in cryptocurrency and we're seeing workers quit after making more profits from their [crypto] investments than their jobs."
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