Cryptocurrencies have continued to gain traction across the globe and have managed to lives of millions of people. A recent report that was done by Panews has revealed that only 14% of Chinese citizens have ventured into cryptocurrencies. This means that only 1 in every 7 Chinese have invested their fiat currency in digital currencies such as Bitcoin and Bitcoin cash.
The report also indicates that 98% of the people polled are familiar with the concept of bitcoin and cryptocurrency. They are conversant with the blockchain technology, the benefits, and risks associated with cryptocurrencies.
14% of Chinese Citizens Have Ventured into Cryptocurrencies
Panews polled a total of 4,200 Chinese citizens, and the primary objective of the study was to understand their familiarity and perception on cryptocurrencies and Bitcoin. Out of the total respondents, only 75 said that they are yet to hear about blockchain technology or digital currencies. Quick arithmetic shows that this is only 2% of the survey sample.
The report also reveals that 40% of the Chinese are willing to invest in various digital currencies in the future and 83% of the respondents said that this is a new investment trend. Only 14% of the people polled confessed to having invested in cryptocurrencies.
Nearly 70% of the people who have invested purchased their digital assets through an exchange/trading platform. Two hundred sixty-six respondents said they acquired their cryptocurrencies through airdrops and 263 got them through mining.
Panews report also showed that social media is one of the leading platforms that is fuelling adoption and spread of information about cryptocurrencies in the country. 38% of the people polled said they got wind about cryptos and blockchain technology through social media platforms such as Facebook and Twitter. Only 26% learned about them from friends and relatives.
Another notable fact revealed by the report is that most of the Chinese citizens perceive digital currencies as investment products and not a medium of exchange.
Cryptocurrencies Gaining Traction in China
Out of the 4,200 respondents, 4,125 stated that they are familiar with blockchain technology, Bitcoin, and cryptocurrency concepts. However, only 372 described themselves as experts in digital currencies and have a deep understanding of the pertinent blockchain technology topics. This means only 9% of all the people polled have a strong knowledge of blockchain technology.
When asked what the main factor that is hindering greater adoption of cryptocurrencies and blockchain technology in China is, 60% of the respondents said that perceptions about storing and exchanging cryptocurrencies.
In summary, Panews study found out that cryptocurrency, blockchain technology, and bitcoin are quickly getting traction in China. The technology could soon be adopted at a large-scale level in China’s economy. A majority of the public is aware of cryptocurrencies and the potential of this technology. What’s your take on China’s cryptocurrency industry? Share with us in the comment section and be sure to read more trending cryptocurrency news here.