A recent survey conducted by PANews, routed through Chinese crypto-friendly media outlet 8BTC questioned 4,980 respondents, 4,200 of which responded in a valid/bonafide manner. It seems that cryptocurrency is quite popular in China as the survey result illustrate that 98.22% of survey participants have heard about cryptocurrency
With the rise of China’s social credit system, which punishes those for breaking laws, however civil or criminal, Chinese consumers are likely to be discouraged against the ecosystem. Though in all fairness, another reason for its low adoption rate could be the volatility of the asset, the survey also showed that 63% of respondents claim that cryptocurrencies aren’t a viable medium of value.
Another interesting fact that surfaced from the survey is that cryptocurrencies were majorly bought by the investors in the age range of 19-28, with investments ranging anywhere between 10,000 to 100,000 yuan. A similar inference was drawn by a recent study that claimed that millennial’s interest in cryptocurrencies is rapidly growing. In fact, one of the reasons behind the Chinese government’s aversion with the industry is because a number of these entrants first threw money at cryptocurrencies during the 2017 bull run.
Skepticism about the Survey’s Result
The aforementioned survey illustrates that crypto ecosystem in China is quite budding, however, some claims that the survey may be skewed. First and foremost, details like the demographics of the respondents, specifically location-wise wasn’t revealed. Which leads many to believe that PANews surveyed middle-class or upper-class citizens that live in sprawling metropolises and ignored those who live in the countryside. While some also point out the vast discrepancy between those who want to invest and those who have invested as a bit fishy.
For some, the strictness of their government should have curbed the interest. As aforementioned, the Chinese government has opted for a very strict hand for cryptocurrencies. Following the governments directive, many influential companies have also opted for an anti- crypto policy like Alipay banned Bitcoin OTC Accounts from its platform. However, despite the strictness, a rise in bitcoin and crypto adoption has been observed.
There is no denying that the craze of cryptocurrencies have been on the rise and multiple surveys throughout the year have had illustrated the same. For instance, a recent survey revealed that 38% Of Freelancers Regularly Use Cryptocurrencies, than a survey by Ron Pauls suggested that most investors would choose Bitcoin for a long-term Investment.