"Want to Get Rich Easily" Global 20s and 30s' 'Get Rich Quick' Craze

NFT, Cryptocurrency, GameStop, and Other Unique Investment Frenzy Among 2030s
20th Century Catchphrase 'Get Rich Quick' Also Mentioned
Trend Obsessed with Low-Risk High-Return Investment Products
Roubini, NYU Professor: "Just Another Form of Exploitation"
"Belief That Economic Success Can Be Achieved Overnight"

On the 15th, Bitcoin information was displayed on the electronic billboard at Bithumb Gangnam Center. The photo is not related to any specific expressions in the article. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] As the so-called 'get rich quick' trend gains popularity among the 20s and 30s generations in Western developed countries such as the United States and Europe, an increasing number of young people in Korea are also showing interest. 'Get rich quick' refers to the pursuit of investment products that carry low risk of losing money but offer high returns. Especially, young people familiar with the internet and English exchange information rapidly across borders and races to find investment opportunities. However, some critics argue that this investment trend merely reflects the worsening income inequality caused by economic downturns.

The phrase 'get rich quick' originally gained popularity among young Americans in the early 1900s. It can be roughly translated as 'become rich quickly' and was used to describe the then-popular 'low-risk, high-return investment products.'

Of course, investment products that carry low risk of principal loss and high returns do not actually exist. However, in early 20th century America, many investment products were heavily promoted as low-risk and high-return, and many young people were lured into scams. The phrase 'get rich quick' was coined as a sarcastic criticism of this phenomenon.

Recently, 'get rich quick' has been mentioned again in Western media. On the 17th (local time), the UK financial newspaper Financial Times (FT) published an article titled "NFTs are the latest get rich quick scheme," stating that "NFTs (non-fungible tokens) are gaining popularity among young people," but dismissed it as "a bubble that will soon burst."

NFTs apply blockchain technology like cryptocurrencies such as Bitcoin, granting digital certificates that cannot be replicated by others, thereby guaranteeing value. When rare artworks are converted into NFTs, their value increases. According to FT, recently in the U.S., more young people are investing in new asset types like NFTs, hoping to make a fortune overnight.

This is not the first time Western youth have fallen for get rich quick schemes. In 2017, there was a boom in Initial Coin Offerings (ICO), a fundraising process for cryptocurrency development, and recently, the so-called 'meme stock' craze saw massive purchases of stocks like GameStop listed on the New York Stock Exchange.

The first domestic digital artwork with NFT (Non-Fungible Token) technology applied, Mari Kim's 'Missing and found' / Photo by Pica Project

The get rich quick phenomenon is not limited to young people in the U.S. and Europe. Young people in their 20s and 30s from other countries, familiar with English and social networking services (SNS), actively share investment information from American youth, causing the get rich quick trend to spread worldwide.

For example, NFT investments became a hot topic in the U.S. and UK, then gained popularity in other English-speaking countries like Australia, and recently have been discussed in domestic investment-related internet communities.

On the 17th, Pica Project, an art investment service company, succeeded in selling Korea's first NFT artwork for about 600 million won. This happened just two weeks after Jack Dorsey, founder of the U.S. SNS Twitter, tokenized his first tweet as an NFT, which recorded a value of 2.5 million dollars (about 2.8 billion won).

Young people in their 20s and 30s confessed that due to anxiety about the future, they inevitably seek higher-yield investment products. A self-employed person A (33) who invests small amounts in cryptocurrencies said, "Because my income is irregular due to the nature of my job, I am always plagued by vague anxiety about the future," adding, "My conclusion was to invest in Bitcoin. Although the price volatility is severe, there is almost no other way to accumulate wealth."

An office worker B (32) said, "I have no immediate plans to invest in Bitcoin or NFTs, but I understand the mindset of peers seriously considering such investments," and questioned, "With no courage to buy real estate and no money saved through deposits, what other choices do we have?"

Stock index chart displayed on a mobile phone screen. The photo is not related to any specific expression in the article. / Photo by Yonhap News

Another 20-something office worker C said, "I know investing in things I don't understand is risky, but every time I hear stories of people hitting the jackpot with Bitcoin, I can't help but be tempted," adding, "Isn't wanting to become rich easily a human instinct?"

Experts criticize the get rich quick phenomenon as a reflection of severe income inequality in society. They call it a so-called 'hope torture,' where people seek quick and easy ways to become rich to forget harsh realities.

Professor Nouriel Roubini of New York University, known as 'Dr. Doom' for his pessimistic economic forecasts, lamented in an article published on June 2 by the nonprofit organization Project Syndicate, "Phenomena like GameStop show how countless poor people suffering from job insecurity are being exploited," adding, "Millions are squandering their precious income on worthless stocks or virtual assets."

He further pointed out, "Many have begun to believe that economic success can be achieved not through good jobs, diligent work, patient saving, and investing, but through sudden windfalls."

Professor Kwak Geumju of Seoul National University's Department of Psychology explained, "As the economy worsens and workers' incomes decrease, the desire for sudden wealth grows," adding, "When income is unstable and there is no clear reward system for one's work, this mentality grows, leading to speculation and get rich quick schemes."

This content was produced with the assistance of AI translation services.