China Observes An Increase In Demand For Bitcoin
Bitcoin News: After a bull run in 2017, Bitcoin (BTC) slowed massively in 2018, dropping almost 80% down from its all-time high. As a result, the adoption of BTC declined considerably. However, a recent survey carried out in China, the interest rate for Bitcoin and other digital currencies is significantly increasing.
The massive declines in the crypto market in 2018 has many investors worried that the bear in the market is resulting in a bear in adoption rate as well. Additionally, the slow moment could also put off the much-anticipated institutional investors making the matters much worse. However, a recent survey conducted by PANews concludes that there has been an increase in interest for the cryptocurrency, which would imply, an increase in the adoption rate as and when the market stabilizes this year.
According to the survey, out of the 4,200 respondents, 50% have had heard the terms “digital currency,” “Bitcoin,” or “cryptocurrency.” While 40% expressed a willingness to invest in BTC or other digital assets in the coming future. This type of inference when the market has had been deep in the red for the better part of 2018, certainly goes to show the popularity of cryptocurrencies in China.
In fact, some of the members of crypto verse have often shown concern over BTC mining dominance of China, as that gives the country too much control over the world’s largest digital currency by market cap. According to reports, Bitmain Technologies, a crypto mining firm based in Beijing currently mines over 50 percent of Bitcoins in the world.
Bitcoin bulls have pinned all there hope on this new year as they believe that a revitalization of the currency is on the cards. The impending entry of Bakkt and Nasdaq with their respective BTC futures contract will not only boast the token’s price but will also invite institutional investors into the ecosystem.
In fact, a similar survey conducted by YouGov in November inferred that 20 percent of people in the United Kingdom believe BTC will be as common as cash or card payments in the future. Another survey targeted at millennials suggests that their interest In cryptocurrencies have been rapidly growing. In addition, a survey went on to state that 38% of freelancers regularly use cryptocurrencies. Looking at such results, it can be assured that as and when the market is revitalized, more investors and institutions will step into the crypto space.
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