South Korean investors “are having a hard time resisting the pull of cryptocurrencies” while some of the country’s leading securities firms have suddenly started issuing reports on the sector.

Large investment firms and Korean investors are heating themselves up with cryptocurrencies

According to Newspaperim, an official at a leading commercial bank who refused to be named has stated that investments in the cryptocurrency market are starting to compete with the performance of the stock market – although wealthy investors still prefer gold to cryptocurrencies.

However, bankers point out that cryptocurrencies are closing this void.

An advisor at NongHyup Bank’s NH All100 investment branch says the number of advisors to clients looking to invest in cryptocurrencies is growing, prompting advisors to offer those clients a portfolio that suits their needs.

The adviser also added that the media indicated that the Bank of Korea raised its key rate from zero to 1% twice in the past year – and that this year it “indicated the possibility of another rate hike”. Market analysts believe the bank will hike rates up to three times this year, with the next hike likely to come in the coming weeks. In their opinion, this could lead to a “correction” in share prices – and possibly more movement in the crypto market as a result.

Cryptocurrency investments in South Korea are gaining more and more attention in the New Year

Via Digital Today, a large number of South Korean securities providers have started reporting on the state of the crypto market after seeing “explosive growth” last year. Hana Financial Investment, a division of the KEB Hana banking group, devoted a third of its monthly investment report to the crypto sector for the first time yesterday.

The media outlet noted that the new year has seen a new trend for stock providers, with most now including a section on cryptocurrencies. As such, most of these reports are relatively conservative, and when they offer crypto advice they carefully advise “small” investments as part of their portfolio. Products are generally larger. However, some claim that such crypto investments can “dramatically improve” the performance of investors’ portfolios.

“Managers of large investment firms” appear to have “shown interest in the sector by mentioning virtual assets in their New Years address,” noted the media agency – with attention also turning to blockchains, metaverse tags and non-interchangeable (NFT) spaces. The aforementioned heads of Mirae Asset Securities, NH Investment & Securities, and Shinhan Financial Investment were all quoted as noting how cryptocurrencies and the rest have “created new markets and businesses.”

Both media noted that the trend appeared to be global to some extent, claiming that major financial advisors in Europe and North America had given similar advice on adding a small amount of cryptocurrency to the portfolio.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.