Tale of two spoons: why crypto obsession still lives in Korea

There are several theories why cryptocurrency investment became so popular so quickly in Korea. According to Investopedia, they can be boiled down into three main reasons; harsh economic conditions in the country, familiarity with micropayment transactions, and political uncertainty.

Today’s newsletter is about a slightly different view on this issue. There is a commonly used internet slang word in Korea, ‘geum-su-jeo’, which literally means ‘gold spoon’. The term derived from the English expression ‘to be born with a silver spoon’. Even more precious than silver, ‘geum-su-jeo’ refers to those who are privileged — for example, who don’t have to work at all thanks to wealthy parents.

Variations came along, such as diamond spoons, bronze spoons, even, dirt spoons, often used by the self-deprecating masses. Number of scandals and incidents, worsened by an economic recession, strengthened this perception of the 21st century caste pyramid in Korea.

Anger, disappointment, a pinch of nihilism — these were what all the ‘spoons’ implied in 2017. That’s when cryptocurrency made its entrance. It was a fast, visible and lucrative investment item. Cryptocurrencies were open to anyone, and it seemed like the only chance left for those born with a ‘dirt spoon’ to upgrade the color of their cutlery. Rumors about one’s friend’s cousin’s wife who earned billions of KRW poured out in books of testimony (*page in Korean), fueling the frenzy.

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