A recent survey from Chinese news outlet PANews has revealed that, amongst 4,200 Chinese participants, as many as one in seven have invested in cryptocurrency.
PANews, a Chinese news publisher, also discovered that of those surveyed, only 75 of them had never heard of cryptocurrency or blockchain technology. This amounts to roughly 2% of the participants. To add to cryptocurrency’s popularity in China, about 98% of those asked stated that they had heard of Bitcoin.
Whilst 82% of participants recognised cryptocurrency as a new investment trend, only 14% of them had actually invested in crypto. This shows that despite it garnering attention, people are still sceptical to invest.
Interestingly, nearly 70% of those who had invested in crypto noted that they had done so through the use of an exchange, whereas around 266 people entered the space through airdrops and another 263 reported mining as an entrance to crypto.
Recently, Coin Rivet reported on how a lack of education is often cited by people as a reason why they have not yet invested in crypto, and this is hinted at in the PANews survey.
It is reported that 4,125 respondents were familiar with the concepts of cryptocurrency and blockchain, but only 372 individuals (roughly 9%) described themselves as possessing a strong understanding of these topics.
Perhaps unsurprisingly, the survey also goes on to suggest that the 2017 bull market attracted a lot of people to invest in cryptocurrency.
One of the questions on the survey asked what factors stop potential investors from entering the market. According to the survey, around 58% of participants believed the main reason behind the hindrance is that using a wallet or an exchange is too complicated.
Nearly 40% of the respondents (1,665 people) stated they would invest in crypto in the future.
It seems that whilst cryptocurrency and blockchain technology are gathering support and acknowledgement worldwide, people are still hesitant to invest in what they do not understand or perceive to be complicated to use. However, this should not detract from the many positives the survey brings, and knowledge and understanding of the space is clearly spreading.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.