The number of cryptocurrency accounts for seniors in South Korea has surged, reaching 775,700 for those aged 60 and above

According to Pioneer Economy, the number of user accounts aged 60 and above on South Korea's major cryptocurrency exchanges Upbit and Bithumb reached 775,700 (as of the end of September), an increase of 30.4% compared to the end of 2021. Users in this age group hold a total of 67.609 trillion won in cryptocurrency assets, with an average investment of approximately 8.72 million won. Meanwhile, the balance of demand deposits at South Korea's five major banks is 592.67 trillion won, a decrease of 26.95 trillion won since the end of June, marking a new low since January of this year.

Analysts believe that the combined effect of Trump rally and expectations of interest rate cuts has accelerated the shift of funds from banks to risk assets.