At one time, South Korea South Korea was a major player in the global cryptocurrency market, once responsible for over one-fourth of all trades worldwide. In fact, the demand for digital currencies was so strong in South Korea that prices often soared above those in markets like the U.S., Europe, and other Asian regions.
Those hopeful scenarios have now dramatically changed as South Korea is another victim in the widespread decline of bitcoin and other altcoins—a downturn that has lasted for more than a year. A significant number of young South Koreans have been affected. became unhealthily obsessed Entrapped by the allure of cryptocurrencies, many young people with limited financial means succumbed to addiction. They were often employed in jobs that offered no real prospects for advancement, living in less than ideal circumstances.
The term 'dirt spoons' has been coined to describe this young demographic suffering substantial financial setbacks due to bitcoin and other digital currencies.
A Sad Story to Tell
One of these 'dirt spoons' is Kim Ki-won at 27 years old, still residing with his parents and facing a loss of tens of thousands of dollars in cryptocurrency investments. Interestingly, Ki-won has yet to disclose his past obsession with crypto to his parents, despite blowing over $1,000 monthly on non-essential desires at one point. He dabbled heavily in trading coins and, during successful periods, left his job to pursue property ownership—a dream that collapsed as 2018 unfolded.
He states:
\"I don't think it's entirely fair to equate it to gambling, though you might find elements of truth in that comparison,\" he reflects.
Kim Ki-won, Image from NYT
Here’s Another for You
Ki-won's experience isn't unique—numerous young South Koreans share the same narrative, but it's compelling how many are still drawn to digital currencies hoping for fortune. Even amidst the plummeting prices, South Korea remains vital to the crypto scene. third-largest market Following the U.S. and Japan, South Korea holds a significant position for digital assets. Nearly $7 billion in crypto was exchanged last month alone, all executed independently of a central bank's backing.
Kim Han-gyeol, at just 23, has a story akin to Ki-won's. She was once an active trader in digital currencies, using her gains to acquire quality clothing for herself and her mother. She even had ambitions of opening a coffee shop, but has since lost most of her earnings, putting her entrepreneurial dreams on pause.
She states:
\"The shame was overwhelming when my bitcoin investments failed—not just once, but twice, due to my desire for quick riches,\" she confides.
Nowhere to Run
Despite this challenging turn of events, Han-gyeol remains dedicated to digital currencies, stating that she has no other options to recoup her losses. She notes that even as the crypto market crashes, the average South Korean youth clings to crypto trading due to the lack of substantial opportunities otherwise.
Currently, Han-gyeol is employed at a Dunkin’ Donuts, taking English classes in the evening while living with her parents.
The Harsh Reality
Job prospects for many young seekers in South Korea are nearly non-existent. Lucrative jobs are typically reserved for government positions or family-controlled conglomerates, of which there are limited in South Korea. Furthermore, these roles often require degrees from elite universities, which are challenging to enter, especially without significant financial resources.
Moreover, the unemployment rate among the younger crowd hovers around 11 percent and has been stable for nearly five years. Many young individuals find themselves unable to access business loans and suitable investments, which is why they maintain their faith in crypto despite recent downturns.
