Millennials In South Korea Look To Cryptocurrencies As Viable Outlet To A Better, Brighter Future

Sampo Generation In South Korea Turn To Crypto To Bypass Country’s Societal Demands

Cryptocurrency, for many millennials in South Korea, could not have come at a better time. cryptocurrencies have provided them with an avenue to escape the various rigid demands placed on them by society.

Today, more and more young people are increasingly referring to themselves as dirt spoons. In the country, the term refers to the huge disparity that exists between the haves and the have nots with the silver and gold spoons being viewed as those that are well-off while the dirt spoons happen to be those that are worse off and have nowhere to turn to.

The Sampo Generation

This is a term mainly used to refer to the millennials by the Older Koreans in the society. The term literally means the three giving up generation. This is because this is a generation that has completely rejected the issues of family, marriage, and courtships. It is important to note that this happens to be the three leading elements in Korean society.

Today, many young people in the society have started seeking cryptocurrencies in a bid to avoid what many views as jobs that have no future. This perception has led to the emergence of a booming crypto industry, which has in the past few weeks seen more than six billion American dollars being transacted.

These are figures that have led to the emergence of South Korea as a leader in the crypto industry, coming third after the United States and Japan. According to Kim Hangyeol, who works as a software developer for one of the numerous companies in the country, South Korea does not have any good opportunities for young people.

Kim goes on to state that she lost some money after investing in cryptocurrencies. Initially, the investment had panned out to be a good decision, but the tide quickly turned against her when the market went on a bear run.

She goes on to state that she was embarrassed when she lost money two times due to being motivated by greed. Kim goes on to say that right now she is placing her complete focus on investing in digital coins while hoping for a better return on investments some time down the line.

According to her, there is no other way for her to recover the money she lost in her investments as she does not see any future in her current place of work. For the South Koreans, success is defined as landing a plum position in a government-owned company or by working for the family owned and controlled companies that focus on making products for domestic consumption.

These are positions that at times require a certain level of qualification, which can only be offered by a number of local institutions. Kim goes on to add that some of the positions are highly competitive, and may take a couple of years before one can even secure a position with the said companies.

South Korea currently has the highest unemployment rate in the Asia region. It stands at 10.5 percent, and maybe the leading reason why young Koreans are increasingly turning to cryptocurrencies.

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Publication date: 
02/12/2019 - 20:54
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