Koreans are not only enthusiastic about ETH and coin stocks, but they have also invested over 80 trillion won (approximately 5.8 billion USD) in the mainland China and Hong Kong stock markets, making China the second largest overseas investment destination after the United States.

Koreans have only one word for their investment style: gamble.

Chasing trends and leveraging up: from the explosive buying of Tesla and the surge of GameStop, to the current influx into the Chinese stock market and the crypto space chasing highs, wherever there is a myth of getting rich, they rush towards it. Everyone borrows money to trade stocks, leveraging to the maximum, believing in "either going to the rooftop or going to heaven." Losing is just going from bad to worse.

The whole nation is rushing into cryptocurrency: at its peak, South Korea, with only 0.6% of the population, contributed 30% of the global cryptocurrency trading volume. More than 30% of the citizens are trading coins, and the $40 billion in wealth evaporated from the collapse of LUNA and countless tragedies cannot stop the next wave of people from rushing in.

I wonder if you still remember Bill Hwang, the Korean-American fund manager, who used extremely high leverage to move over $100 billion in funds, heavily betting on Chinese concept stocks.

What is the result?

In March 2021, wealth was wiped out in just two days. He set a historical record for a single-day loss of $15 billion, which also led to the eventual collapse of the century-old investment bank Credit Suisse.

A person's liquidation shocked Wall Street. The story of Bill Hwang is the ultimate amplification of the South Korean national gambling mentality.

Why is it so "crazy"? Because the normal path is blocked.

Koreans are not born gamblers, but are driven to the gambling table by reality.

Monopoly of conglomerates, slim chances: giants like Samsung and Hyundai control everything, making it extremely difficult for ordinary people to rise.

Class solidification and education dependence on wealth: the only way out is to get into the three top universities known as "SKY", but it has long become a game for the rich, while children from ordinary families are firmly blocked outside the door.

High pressure in life, housing prices like mountains: in Seoul, an ordinary person cannot afford to buy a house even after decades of not eating or drinking.

When hard work and studying cannot change fate, "gambling" becomes the only "hope." Win, and you rise to the top; lose, and you simply fall deeper into the abyss of despair.