Some young Koreans are quitting their jobs to focus on Bitcoin (BTC) and crypto trading
Young Korean employees are turning to Bitcoin (BTC) and crypto investing as a way to generate wealth to fund their lifelong dreams, such as owning a house of their own.
Wed, 28 Apr 2021, 11:53 am UTC
A growing number of young Korean employees are turning to Bitcoin (BTC) and crypto investing as a way to generate wealth to fund their lifelong dreams, such as owning a house of their own. However, their passion for investing in digital currencies has affected other areas in their lives as well, such as their performance at work.
Many South Korean workers in their 20’s and 30’s are starting to explore trading in cryptocurrencies such as Bitcoin, according to The Chosun Ilbo. Experts suspect that these young employees might have been lured into the high-risk world of crypto investing due to the rising housing prices, which makes owning a home seemingly out of reach for most of them.
“I face the reality of being unable to afford my own home no matter how hard I save up my salary,” one office worker in his 30’s told the publication. “Despite severe volatility, there is no other way than cryptocurrency investments for me to accumulate wealth.”
However, the trend is causing problems for their employers. Many business owners and managers are complaining that their young employees are being distracted by the fluctuating Bitcoin price, which they track throughout the day even during working hours. Some workers have even decided to quit the jobs to focus on crypto trading.
For instance, a worker in his 20’s named Han Jung-soo decided to quit his job of three years with a credit card firm to focus on crypto trading. The decision came after he made 3 billion won (around $2.6.million) through trading.
“I enjoyed working, but I realized it made more financial sense to focus on my investments considering the returns I can gain for the amount of time I put in,” he explained. His success story soon spread, which prompted other workers to leave their jobs as well.
Some businesses are planning to block access to crypto trading sites during office hours. Other firms have offered higher salary packages to their employees, especially those working in the IT sector, as a way to dissuade them from leaving their posts.
“Most employees of IT companies in this area invest in cryptocurrency, and we're seeing workers quit after making more profits from their cybercash investments than their jobs,” a team leader at a startup firm said. “This is one of the reasons that IT companies have recently rushed to give big pay rises to their staff.”
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