The poorest South Koreans had enriched themselves with cryptocurrencies. But then they lost everything


South Korea is the third most important market for cryptocurrencies, just after the US and Japan. Many South Koreans have bought cryptocurrencies enriching themselves, but now they have lost everything.
The New York Times talks about it: in South Korea many young people still live on the margins of society, with a strong difficulty in finding their own role and entering the world of work successfully. Generational problems also weigh. But the country is full of personal stories of young people who for a moment, thanks to cryptocurrencies and their enormous growth, had managed to see paradise, making tons of money a week.
Stories like those of Kim Ki-won, a 27-year-old boy who became a cryptocurrency trader had managed to accumulate enough to decide to give up his job and plan to buy his own house. Now, after the last bubble burst, the young man has returned to live with his parents. He lost everything, tens of thousands of dollars burned.
The New York Times explains that cryptocurrencies are such a strong phenomenon in South Korea that televisions broadcast programs entirely dedicated to the phenomenon: “Who will be the next Satoshi ?!”, shouts the program’s presenter at the beginning of each episode of Block Battle – show where competitors compete in the foundation of a successful startup in the Blockchain market.
For young South Koreans, cryptocurrencies have been a formidable tool for social growth, in a country where there are not many ways to change their economic conditions. Now that instrument is jammed, and the young people of the country seem condemned to remain for a long time “dirty spoons”, as they define themselves: neither gold nor silver, only the last step of society.