A survey conducted by PANews found that two in five or 40% of Chinese people are willing to invest in Bitcoin. According to the survey published by local news outlet 8btc on Dec.26, nearly 98% of the respondents had heard of terms like cryptocurrency, Bitcoin or Ethereum.
PANews, which conducted the survey, is a news outlet that shares blockchain related news across the Asian continent.
The survey had a total of 4980 respondents, out of which, 4200 respondents answered validly and lawfully.
According to the survey, 50% of respondents responded by saying that they had heard of cryptocurrencies, digital currency or Bitcoin (BTC). Whereas, 63% of respondents prefer to not having crypto as a payment system. However, 40% of them claimed to invest in cryptocurrencies like BTC or XRP in the near future.
60% of the respondents who purchased cryptocurrencies were in 19-28 age range, with most of them investing between 10,000 and 100,000 yuan ($1450 – $14,500). With most of the investors putting in their money in cryptocurrencies during the 2017 bull-run.
The Chinese government also released a ranking of cryptocurrencies, placing Bitcoin (BTC) in the 18th position and ranking EOS at the top of the list.
While the statistics call for positivity in the Chinese crypto scene, some say that the stats might just be misrepresented. Initially, PANews failed to disclose the demographics of the surveyed respondents. Thereby leading many to believe that the news outlet only surveyed middle or upper-class citizens in metropolitan cities like Shanghai, Shenzhen, Beijing, etc. instead of people living in the countryside.
These stats inform the crypto industry about the digital currency’s adoption and usage. The results also indicate that millennials are interested in cryptocurrencies and are more likely to invest in it.
Nevertheless, there are many that don’t understand cryptocurrency and blockchain technology. However, if the crypto-enthusiasts are calling for mass adoption, educating the general public is a must.