A new survey asked about the familiarity and interest of nearly 5000 Chinese in cryptocurrency. The results of the survey show that, despite the current bear market, two out of five or 40% want to invest in Bitcoin.
The survey found that 98% of respondents heard about at least one cryptocurrency or blockchain concept. However, only 50% said they heard about cryptocurrency, digital currency or Bitcoin, and 42% heard about blockchain. You would imagine a very high crossover level in these two groups, so it is unclear what the other 48% heard about.
Only 20% of those who heard about blockchain claim that they understand the technology. Half of these were millennia, suggesting a higher level of interest in cryptography in this group.
Indeed, the affinity for digital payments among the millennium generation, along with a profound distrust of banks following the financial crisis of 2008, could set the stage for the adoption of Bitcoin.
Of survey respondents, 14% invested in cryptocurrency. Of these, one in five know little about Bitcoin, two in five know about mainstream cryptocurrencies such as Ethereum and EOS, and two in five know about other altcoins.
Influencers play an important role in spreading the awareness of cryptocurrency. Almost 40% of those surveyed had discovered cryptography through online celebrities. 25% learned about cryptography from friends and relatives, while 20% learned about cryptography in the media.
60% of those who invested in cryptocurrency were between the ages of 19 and 28, with the majority investing between 10,000 and 100,000 yuan ($1450–$14,500). Most of this group invested after the 2017 bull-run, so some major losses are likely to occur.
Nonetheless, 40% of survey respondents said they would invest any spare funds in the future cryptocurrency. Almost 60% of respondents, however, said that they were afraid of complicated procedures when using wallets or exchanges. Similar numbers believe that cryptography is not needed as a means of payment because existing mobile payment options are prevalent in the country.
Despite these doubts and the ongoing legal problems, the survey, which claimed to be the largest of its kind, appears to indicate a bright future for cryptography.
