Bitcoin is a virtual currency used in online transactions developed by a programmer named Satoshi Nagamoto in 2009. It is not visible money, but it can be used for economic activities. Users can directly mine Bitcoin by solving math problems with computer programs or purchase Bitcoin in a market. Bitcoin is traded completely anonymously, and anyone can open a Bitcoin account in an environment where computers and the Internet are available.
Bitcoin investment by Gen Y is booming. South Korea's major exchanges had 2,495,289 new subscribers in the first quarter of 2021. By age group, the number of people in their 20s was 81,039 with 32.7 percent, while those in their 30s reached 76,775 with 30.8 percent.
Why did the Gen Y start to obsess about Bitcoin investment? One college student said that he has no choice but to invest in Bitcoin because his spending on student loans increases and housing prices are too high even if he gets a job. Also, one office worker said that Bitcoin is the only way to accumulate wealth for him, who has no inheritance from home and has a small salary. He added that he thought it was the best investment he can do now to get a quick buck and now he is holding out with the belief that he could hit the jackpot with Bitcoin. Song Soo-young, a professor of business administration at Chung-Ang University, said, "The real estate market is already too high for young people to jump in, and stocks are not profitable, so they are immersed in coins."
However, the Bitcoin market can be traded anytime, anywhere, making users constantly pay attention to Bitcoin prices instead of focusing on their work and routines, which greatly affects their daily lives. Furthermore, one Bitcoin user expressed concern that he could be heavily addicted to Bitcoin investment. Lee Hwa-young, a psychiatrist at Soonchunhyang University's Cheonan Hospital, pointed out, "The biggest problem with the coin craze is not only ruining mental health but also living habits," adding, "Fundamentally, the solution is to have sound economic activities from an investment perspective, not speculation."