“I’m not even angry”… 2030 with only cynicism over Kim Nam-guk and SG incident
“If you look at the incident with Rep. Kim Nam- guk and Societe General ( SG ) Securities, there is nothing but futility. I am not angry. I think.” Young people in their 20s and 30s are disheartened and sneering at successive investment market disturbances such as the stock price crash from
SG Securities and the Kim Nam-guk coin crisis. This is because they are one of the generations that have suffered the most losses in the investment market in recent years, although they have invested in virtual currency and stocks, thinking of investing as a way out of rising social status due to the recent surge in house prices and job shortages. Here, virtual currency and stocks, which they considered as an alternative, are sending more anger as they confirm that the market is advantageous to vested interests.
Rep. Kim Nam-guk in the ‘Coin Controversy’ [Image source = Yonhap News]
On the 21st, the 20s and 30s that the Asian economy met all showed a cynical look at the successive investment market disruptions. They were not surprised, saying, “In the first place, the investment market is not a ’tilted playing field’.” Mr. Hwang (31, male), an office worker, said, “I invested 20 million won in coins from 2021, but now it is cut in half. “Isn’t it a game you can’t win no matter what?” He added, “I originally thought it would be like that, and I think it will continue to be like that. Now I’m not even angry.”
Mr. Kim (31, female), who works in the financial sector, said, “Most of the victims (of the incident) are people in their 20s and 30s. Rather than anger at this injustice, they are just absurd and absurd.” I think it was a tilted playground from the beginning.”
In particular, as for Rep. Kim, he was a politician of the same age, so he seemed more discouraged. Mr. Kim (34, female), who works for a platform company, said, “It’s not that you shouldn’t trade coins just because you’re a member of the National Assembly, but it’s true that as a high-ranking official, you have doubts whether you traded with high-quality information in advance.” “But even after that, the words kept changing and I saw an article about coin trading during parliamentary activities, so I think I don’t have the qualifications to be a member of the National Assembly.
In particular, the fact that the ruling and opposition parties are in extreme confrontation over the investment issue of Congressman Kim is an element that gives people in their 20s and 30s a sense of collapse. Mrs. Lee (26, female), who works for a large company, said, ” I don’t understand Congressman Kim’s explanation at all, and I have lost more trust in the words of the members of the National Assembly who are fighting each other over responsibility, and I have even developed a distrust of politics.” Even if an office worker like me invested, I think I couldn’t keep up with the level of information and eventually lost everything. Rather, it seems that only the distrust of coins has grown. I think it was good that I didn’t do it.”
It is the same as being cynical about the SG incident 먹튀검증, which amounted to 264.2 billion won only for the amount collected by the prosecution as investment profits . Mr. Park (25, female), a newcomer to society, said, “I have some experience investing in stocks, but the trading method mentioned in the SG Securities incident is a very unfamiliar method.” I question the boundaries and standards of whether they are victims of manipulation or whether everyone is the perpetrator.”
The despondency experienced by the 2030s is read as a representative generation that has recently lost money in the investment market. According to Kim Han-jeong, the Democratic Party’s lawmaker’s office, the market capitalization of virtual assets listed on the top five domestic virtual asset exchanges, including Upbit, Bithumb, Korbit, Coinone, and Gopax, totaled 22 trillion won as of the end of June last year, a decrease of about 31 trillion won from the end of the previous year. 53.3 trillion won. Among the total of 5.58 million domestic virtual asset investors, the MZ generation (millennial + Z generation) accounts for 55%. One out of two coin investors is the MZ generation.
The stock market is no exception. Last year, the KOSPI crashed helplessly. According to the Korea Securities Depository, as of the end of 2021, investors in their 20s and 30s accounted for 41% of the securities market. It can be estimated that many of those in their 20s and 30s were among those who suffered losses in last year’s declining market.
Experts raised concerns that a series of disruptions in the investment market could even dampen the will of young people to make an effort. Hwang Seung-yeon, professor emeritus of sociology at Kyung Hee University, said, “I am concerned about side effects such as a lack of motivation to develop life due to distrust and relative deprivation in the investment market.” said.
He added, “There is a part where people in their 20s and 30s flocked to the stock and virtual currency markets as the last hope of buying a house at too high real estate prices.” .