"Ah, I'm really mentally crushed" Cryptocurrency 'Wareureu'... 2030 Turning Attention to Stocks

Bitcoin Losing Momentum with Consecutive Declines
2030 Investors Shift Attention from Coins to Stocks

On the morning of the 18th, the Bitcoin price was displayed on the electronic billboard at Bithumb Gangnam Center in Gangnam-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "Some friends are turning their attention to stocks," "It's really a meltdown, but still, they are 'Jonbeo' (holding on stubbornly)."

Among the many cryptocurrency investors in their 20s and 30s, as coin prices continue to fall day by day, some are moving to the stock market, while other young people are struggling deeply, contemplating 'Jonbeo' (persistently holding on). Some in their 20s say they will wait for an uptrend because they don't want to lose their principal, while others say the coin market is a kind of gambling and they will only invest in stocks.

Lee, a man in his 30s who recently said he barely recovered his principal loss, said, "I looked at the coin market board for about a week after the crash started," emphasizing, "I think it’s a success just not to have lost the principal." He added, "Around me, some are 'forced Jonbeo' because their losses are still large, and everyone is anxious and can’t even talk about it anywhere."

There are also opinions to quit coin investment and invest only in stocks. Kim, a company employee in his 20s, said, "Coins seem too risky. Although I haven’t lost a lot of money, looking at the (coin) market board running 24 hours makes it hard to focus on my daily life." He added, "I lost money, but I think of it as a kind of 'life tuition fee.'"

While cryptocurrency investors are turning their interest to the relatively stable stock market, coin prices are still fluctuating. According to the coin exchange Upbit on the 23rd, as of 3 p.m. that day, 1 Bitcoin was traded at 46.89 million won, down about 34% in two weeks. Ethereum also fell to 2.83 million won at the same time. Bitcoin had reached an all-time high of 82 million won on the 14th of last month.

This situation is related to the recent announcement by the Chinese government to crack down on Bitcoin mining and trading. In fact, major exchanges Huobi and OKEx have blocked transactions for Chinese users. Following this news, Bitcoin plunged to the mid-31,100-dollar range during the day.

According to cryptocurrency specialized media Decrypt, on the 23rd (local time), OKEx temporarily suspended OKB coin trading for Chinese customers. OKB fell by 67% in the past week, and Huobi Token also plunged by 63%.

On the morning of the 17th, the status board in the dealing room of Hana Bank's headquarters in Euljiro, Jung-gu, Seoul, displayed the KOSPI, KRW/USD exchange rate, and KOSDAQ index.
[Image source=Yonhap News]

As cryptocurrency price volatility has greatly shaken investor sentiment, the securities industry is forecasting that the KOSPI could rise to as high as 3,700 points in the second half of this year due to economic recovery and improved corporate earnings. According to the financial investment industry on the 23rd, six securities firms that released second-half outlook reports presented upper bands for the KOSPI ranging from 3,400 to 3,700 points.

The KOSPI bands by securities firms are Shinhan Financial Investment 3,000?3,700, Heungkuk Securities 2,950?3,600, Hanwha Investment & Securities 2,900?3,500, and IBK Investment & Securities 2,900?3,400. Daishin Securities and Eugene Investment & Securities only presented upper target indices of 3,630 and 3,400 respectively. Shinhan Financial Investment set the highest upper target for the second half at 3,700.

Park, a man in his 30s, said, "If I invested in cryptocurrency in the first half, I think I should focus more on stocks in the second half," explaining, "Many acquaintances around me are also struggling between coins and stocks." He added, "Personally, I am considering both domestic and overseas stocks."

Meanwhile, pessimistic voices about virtual assets are growing due to the sharp drop in cryptocurrency prices. Paul Krugman, Nobel Prize-winning economist and professor at the City University of New York, pointed out in a column for The New York Times (NYT) on the 21st (local time) that although Bitcoin was launched 12 years ago, coins still do not function as normal currency.

Professor Krugman said, "The only places where cryptocurrencies are used other than as speculative tools are illegal areas such as money laundering or hacker ransom demands." He emphasized, "Because cryptocurrencies have not found meaningful utility, even if something happens later, it will not significantly affect the lives of people who do not participate in speculation."

On the other hand, since Bitcoin prices have surged sharply in a short period, some view the recent decline as a correction phase. There is an opinion that after a certain period of adjustment, the upward trend may resume.

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