40% of Chinese respondents want to invest in Bitcoin
According to a survey conducted by PANews, addressed through the 8BTC, the Chinese crypto-popular communication agency, 98.22% of the respondents had heard about the technology of cryptocurrency, whether it be Bitcoin (BTC), Ethereum (ETH), or others. The survey had 4,980 respondents, 4,200 of which responded in a valid / bona fide way.
– 8BTCnews (@btcinchina) 29 December 2018
While essentially all respondents heard the good news of the crypt, so to speak, only 14.6% of the respondents allegedly made a capital allocation in the encrypted market. However, 40% said they were willing to invest in cryptocurrencies in the future. This discrepancy can probably be attributed to the lack of infrastructure in China, since online ramps are limited, if not prohibited, and access to media, news and encrypted resources is not possible without a private network virtual or other means bypass the Great Firewall.
And with the rise of the Chinese social credit system, which punishes those who have broken laws, however civil or criminal, it makes sense why most Chinese consumers probably hesitate to incur Bitcoin or other major cryptocurrencies. One reason why adoption has been limited can also be attributed to 63% of respondents who say that cryptocurrencies are not a means of vital value.
Interestingly, those who bought cryptocurrencies played an important role in the age range between 19 and 28, with many investments ranging between 10,000 and 100,000 yuan. This can be attributed to Crypto's ability to connect with millennials, as Baby Boomers and generations in such a vein often fail to understand the value of blockchain technology and digital resources. And a good percentage of these participants threw for the first time money in cryptocurrencies during the 2017 bull race, which mostly preceded the rediscovered hatred of the Chinese government for this budding industry.
Some skeptics of Crypto Survey data
While these statistics paint the Chinese crypto scene in a positive light, some have claimed that the survey could be distorted. First of all, the demographic data of the interviewees, in particular regarding the position, have not been disclosed. This has led many to believe that PANews has interviewed the citizens of the middle class or upper class living in sprawling metropolises (Shanghai, Shenzhen, Beijing, etc.), rather than those living in the countryside. Other skeptics have drawn attention to the discrepancy between those who want to invest and those who have invested.
And there are more reasons to doubt the data than those just mentioned.
As widely discussed by the Ethereum World News in recent months, the Chinese government has recently become heavy against the cryptosphere, doubling its aversion to this technology. Case in point, Beijing has banned the cryptocentric news on WeChat as previously mentioned, while Alipay has eliminated Bitcoin's over-the-counter secret operations. Other regulatory measures include the containment of access to foreign cryptography exchanges and the discussion of silencing regarding online cryptocurrencies.
Still, some have argued that the bans are exaggerated.
Charles, a crypto trader based in Hong Kong, noted that while the government's move to ban the encrypted social media channels and physical events may seem harsh, especially considering freedom of speech, China remains one of the most The world's most liquid OTC-cryptocurrency-based markets. And, curiously, the savoir noted that this is not yet under the noses of the government, in fact, Charles added that the local regulators did not try to repress the platforms "off the beaten track".
Shanghai Image Title Courtesy of Li Yang on Unsplash