South Korean Youth Turns to Crypto Amid Economic Struggles

SEOUL, South Korea — A growing number of South Korean youth are turning to cryptocurrency, driven not by belief in its technology, but due to economic hardships, according to local expert Eli Ilha Yune. His comments were made during a panel discussion at German Blockchain Week.

Yune, the chief product officer at the quantum machine learning startup Anzaetek, emphasized that the surge in crypto interest among young people does not stem from enthusiasm for blockchain. Instead, he noted that many young traders are searching for quick financial solutions amid rising unemployment and housing costs.

Recent data indicates that the youth unemployment rate for those aged 15 to 29 hit 6.6% in May, far exceeding the overall national rate of 2.7%. “They are driven to find alternative sources of income; otherwise, they have no opportunities,” Yune said.

The 2025 Korea Wealth Report highlights that young high-net-worth individuals possess three times more cryptocurrency than those over 45. Yune stated, “Many of these young traders do not fully understand the technology behind crypto.”

In many cases, they see traditional investment avenues like stocks as lacking in returns, while real estate remains out of reach due to steep prices. The median apartment price in Seoul has soared to over 1 billion won, or about $689,000, within just five years.

As crypto becomes an increasingly popular option, President Lee Jae-myung‘s administration is also moving to integrate digital assets into the financial system. Plans include support for a won-based stablecoin to increase regulatory oversight and offer more accessible financial tools.

Yune explained the dire situation, stating, “They can no longer buy houses, nor afford excessively high rents. Therefore, the only option left is cryptocurrency.” He underscored the critical need for government action to facilitate a more stable environment for young investors.