40% Of Investors Hold Cryptocurrency Longer
A survey that was shown on Thursday shows that 40% of cryptocurrency investors in South Korea, take more of a long-term view on investments. While the prices of a new form of digital asset seems to be remaining stagnant.
Bithumb, one of the leading cryptocurrency exchanges, carried out the survey of over 2,500 people. The survey showed that around 43% of people said that they would invest in cryptocurrency but with long term management plans as their main interest. Whereas, 27% said that they were looking to see results of profit in the short term.
Around 13% of the people that were involved in the survey said that they would bet their money on digital currencies as it gives them a brief look into the financial market.
Also presented in the survey was that 44.1% of investors said that they would cut down on their investment after the Government establishes taxes on virtual trading, although just over 13% of people said that they would take their money out of the market all together.
However, approximately 40% of people conveyed their intention to continue with their investment despite the tax with only 4.4% percent saying they would prefer to put more of their money into digital assets.
In 2017, the prices of cryptocurrencies went up dramatically which caused traders to swarm to the overheating market.
The Government for South Korea has introduced an array of measures. This includes a ban on investment by those who are underage, this will make the market clearer and it will be under more control as well. The Government is also contemplating whether to tax digital currencies which are trading through a sales tax or a capital gains tax.