A survey was recently conducted by PANews concerning cryptos. The survey which claimed to be the largest of its kind in the industry had around 4,980 respondents who participated in the survey, among which around 4,200 of them responded in a valid/bonafide manner. The results of the survey were reported through the crypto news media outlet 8BTC.
8BTC is the outlet for news source for sharing blockchain news across Asia
The survey reported that, regardless of the lengthy bear market in which the majority of the cryptocurrencies lost ground between 80% to 90% of their value, 82.8% of the responded individuals mentioned crypto as a “trendy investment,” and mentioned that they would consider buying crypto at least once, while 40% of respondents replied that they are still interested to invest in cryptocurrencies in the future if they have any spare funds.
8BTC twitted as below
“Survey: Nearly 40% of #Chinese Would Like to Invest in #Bitcoin Despite Prolonged Bear |http://NEWS.8BTC.COM.”
The survey firm claimed that a whopping 98.22% of those surveyed had heard of cryptocurrency technology, whether it be Bitcoin (BTC), Ethereum (ETH), or otherwise at least one concept related to cryptocurrencies. About 50% claimed to have heard of cryptocurrency, digital currency, or Bitcoin, while 42.3% claimed to have heard about blockchain technology.
While the majority of all the respondents have heard the about crypto, only 14.6 percent of those surveyed have supposedly invested in the crypto market. This difference is likely due to the want of infrastructure in China and the fiat on-ramps though not banned are restricted. The media, news and other resources related to crypto are not easily accessible and will be possible only with a Virtual Private Network (VPN) or other means by which the Firewall can be bypassed.
Further, the notion of blockchain-based token wasn’t as popular as cryptocurrency with only 22.2 percent had heard about it. Among the respondents who claimed to have heard about the blockchain technology, around 20 percent had “some knowledge” about this concept, but most knew blockchain tech at “a relatively surface level.”
Some interesting facts about those who invested in cryptocurrencies was that majority of them were in the age group of 19-28 years, with the major investment amount ranging between 10,000 to 100,000 yuan. A good percentage of these first-time investors, first invested money in cryptocurrencies during the 2017 bull run, almost just before the Chinese government started hating this growing industry and brought in strict laws against them.
Among those who participated in the survey, around 63.43 percent of them believed that there is no need for crypto as a means of payment as mobile payment solutions like Alipay and WeChat Pay are “convenient in the country.”
On the one hand, where the results of the survey portray a positive light on the Chinese crypto section, on the other hand, few of them feel that the results of the survey may be crooked. The reasons to validate such claims being, the demographics of those participating in the survey, specifically location-wise, weren’t disclosed. This made many of them believe that PANews surveyed only the middle-class or upper-class citizens those who stay in metropolises (Shanghai, Shenzhen, Beijing, etc.), rather than those who live in the countryside.
Recently, the Chinese government had also released its ranking of the cryptocurrencies in which Bitcoin was placed at the 18th position, whereas EOS was at the first place. The second place was given to the third-largest cryptocurrency by market cap, Ethereum (ETH).