Industry Analysis

Chinese crypto investors have not lost faith in cryptocurrency, poll

A large number of Chinese crypto investors are still holding onto the advantages of Bitcoin and other cryptocurrencies, a recent poll has indicated.

The poll which was conducted for 14 days, from November 26 to December 10, attracted 4,980 respondents but only 4,200 responses were used to draw the final conclusion.

According to 8BTC, out of 4,200 respondents, forty percent indicated that they would be happy to have some of their hard cash converted into virtual currencies in the coming days. This group of Chinese crypto investors made this revelation even with this year’s crypto prices dipping below their all-time highs as recorded in late last year and early this year.

During the poll, some Chinese crypto investors even indicated that cryptocurrencies present a ‘trendy investment’ opportunity. The survey also recorded that only 1.8 percent of those polled have never heard of digital currencies or the distributed ledger technology.

Interestingly, respondents born after the year 1990 are more aware of Bitcoin and other virtual currencies compared to those born after 1990 who have a ‘surface level’ familiarization with crypto and blockchain.

Chinese crypto investors have ventured more into altcoins like EOS and ETH than Bitcoin (BTC). Out of those already involved with cryptocurrencies, 20 percent do not have an in-depth understanding of digital coins. The survey revealed that the crypto gospel mostly emanated from internet communities followed by word of mouth and at the third place came the media.

Among cryptos, stocks, and property, Chinese crypto investors still chose cryptos as an attractive place to invest their money despite the large price fluctuations sometimes witnessed in the crypto market.

The cryptocurrency ban in China and the bear market notwithstanding, do you foresee the number of Chinese crypto investors increasing now that there is a way to circumvent the ban?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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