Koreans are not only enthusiastic about ETH and meme stocks, but they have also invested over 80 trillion won (approximately 5.8 billion USD) in the mainland Chinese and Hong Kong stock markets, making China the second-largest overseas investment destination after the United States.
Koreans have only one word to describe their investment style: gamble.
Chasing trends and leveraging: from massively buying Tesla, chasing high prices of GameStop, to now pouring into the Chinese stock market and chasing high prices in the crypto world, wherever there is a myth of getting rich quickly, they rush there. Everyone borrows money to trade stocks, leveraging to the maximum, believing in 'either rise to the rooftop or ascend to heaven.' Losing is merely going from bad to worse.
The whole nation rushes into cryptocurrencies: at its peak, South Korea with 0.6% of the population contributed 30% of the global cryptocurrency trading volume. Over 30% of the citizens are trading cryptocurrencies, and the $40 billion wealth evaporated in the LUNA crash and countless tragedies cannot stop the next wave of people from rushing in.
Do you remember Bill Hwang, the Korean-American fund manager? He used extremely high leverage to move over $100 billion in funds, heavily betting on Chinese concept stocks.
And the result?
In March 2021, his wealth went to zero in just two days. He set a historical record for a single-day loss of $15 billion, which also contributed to the eventual collapse of the century-old investment bank Credit Suisse.
A single person's liquidation shocked Wall Street. Bill Hwang's story is the ultimate amplification of the gambling mentality prevalent among Koreans.
Why is it so 'crazy'? Because the normal paths have been blocked.
Koreans are not born gamblers, but are forced to the gambling table by reality.
Chaebol monopoly, slim opportunities: giants like Samsung and Hyundai control everything, making it extremely difficult for ordinary people to stand out.
Class solidification, education based on family background: the only way out is to get into the top three 'SKY' universities, which has already become a game for the rich, keeping children from ordinary families firmly shut out.
High living pressure, housing prices like mountains: in Seoul, an ordinary person cannot afford a house even after decades of saving without eating or drinking.
When hard work and studying cannot change one’s fate, 'gambling' becomes the only 'hope.' Winning means reaching the top in one step; losing merely means falling deeper into the abyss from a desperate reality.
