Chinese Survey: 40 Percent Of Respondents Will Invest In Crypto In The Future
About 40 percent of respondents fancy investing in cryptocurrency, a survey of 4,200 people in China has shown.
According to local crypto and blockchain news outlet 8btc, the respondents said that they would be willing to put their money into crypto assets in future investments.
The survey, which was conducted by PANews, recorded that an overwhelming 98 percent of the respondents had heard of cryptocurrencies.
Attributing this to the popularity of crypto and blockchain in China, the survey team notes that nearly half of those familiar with cryptocurrency was also familiar with digital currencies and bitcoin.
About 42 percent were also aware of the term blockchain tokens, although only 22.2 percent understand how the concept works.
Per the study, an overwhelming number of respondents, over 82 percent believed that buying cryptocurrency constituted a new investment strategy.
However, only 14.24 percent said they had actually invested in cryptocurrency. A September 2018 survey of the Chinese middle class revealed that less than 10 percent thought of investing in bitcoin.
In the latest survey conducted by PANews, about 1665 of the 4,200 respondents noted that they would put any extra funds into assets like bitcoin, accounting for about 40 percent.
Investing in crypto comes only second to real estate and stocks, which puts cryptocurrency ahead of financial products like foreign exchange.
While a high number of people said they had heard of cryptocurrency, quite a significant number still don’t understand the concepts behind crypto or blockchain, the report revealed.
Some of the factors that are keeping off most people include the ‘complex nature’ of crypto wallets and exchanges, volatility in crypto prices, as well as fears related to regulatory concerns.
Notable in the survey was the fact that about 63 percent of those interviewed said that they do not see crypto as being necessary for making payments.
The opinion mirrors an earlier survey in Moscow that showed a high number of Muscovites preferred non-cash payment methods, but only 1 percent said that method would be cryptocurrency.
In the U.S. an increasing number of people are looking at bitcoin as an investment, more than those who put the same trust in traditional fiat options. Ex-Congressman Ron Paul recently conducted a Twitter-based poll through which 94,894 votes favored Bitcoin over conventional money.
Unlike in the U.S., the U.K., and many other countries, cryptocurrency’s popularity in China doesn’t mean that top coin Bitcoin (BTC) is the most popular.
According to its latest crypto rankings, the Chinese government’s research team ranks bitcoin 18th, behind EOS in the top spot and Ethereum (ETH) in second.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.