But that hasn’t cooled a frenzy for bitcoin and other virtual currencies that is gripping young investors in South Korea. A South Korean cryptocurrency exchange recently shut down and filed for bankruptcy after being hacked for the second time this year. Younger investors have especially gravitated toward so-called “altcoins”, or virtual currencies other than bitcoin, which often trade at much lower values, analysts say. Some young investors say they don’t sleep until after 2 am, when there is a lull in the cryptocurrency markets as investors in places like South Korea and Japan log off. ECONOMIC DRIVERSIntense competition for jobs in South Korea is likely helping to drive interest in virtual currencies among young South Koreans, especially as they see others reaping big gains, said Shin Dong-hwa, head of the Korea Blockchain Exchange.

Source: The Express Tribune December 29, 2017 12:45 UTC