Study Finds That 1 In 7 Citizens Have Invested In Crypto As Cryptocurrency Becomes A Chinese Household Concept

According to a recent survey conducted by media outlet Panews, about 1 in 7 Chinese citizens have invested in digital assets. This means that the number of people within the Asian nation who have invested in cryptocurrencies is an impressive 14%. The study also discovered that about 98% of the respondents showed that they are familiar with cryptocurrency and Bitcoin 3% more than the people who said that they have had heard about the Blockchain technology.

The Survey Covered 4,200 Individuals

According to the report the study that found that 1 in 7 Chinese citizens have Invested in digital assets involved more than 4,200. The citizens were questioned about their familiarity with cryptocurrency and opinions relating to Blockchain.

As per the report, the survey conducted by Panews, found that 75 respondents haven’t heard about cryptocurrency or the Blockchain technology. This figure equates to roughly 2% of the participants of the survey. There’s more. The survey found that about 40% of the respondents expressed willingness to invest in digital assets in the future. This occurred after nearly 83% of the total survey participants described digital currency investment as the new trend.

598 Respondents Revealed That They Have Invested In Digital Assets

598 or 14% of the total number of participants revealed that they have actually invested in virtual currencies. About 70% of this number purchased their cryptocurrency via exchanges. Yet another 266 respondents acquired their own cryptocurrency through airdrops, and 263 getting theirs through mining.

The entire participants of the survey indicated that the social media was the dominant means via which they have become exposed to the concept of cryptocurrencies, with 38% of the respondents claiming that their familiarity with crypto through social media, while another 26% said they were exposed through relatives and friends.

Panews also found that the majority of the respondents came to be associated virtual currencies primarily with investment products, rather than as a means of exchange.

Cryptocurrency Is Gradually Becoming A Household Concept In China

Data like this only shows that crypto is slowly becoming a household concept in the Asian nation. There’s more data about the issue noted by Panews. Of the 1 in 7 Chinese who have invested in cryptocurrency 4,125 respondents revealed that they were familiar with digital currency, Bitcoin (BTC) and the Blockchain technology. While only 372 individuals said they possess a strong understanding of topics relating to the technology, which amounted to 9% of the entire respondents.

About 17 respondents claimed that they have not heard about cryptocurrency. 103 claimed that they weren’t familiar with Bitcoin (BTC). 60% of the survey participants described common perceptions relating to the complexity of exchanging tokens and storing virtual currency as the barrier to greater adoption of the concept.

All all, the study concluded that Bitcoin (BTC) and cryptocurrency have made huge strides in penetrating the mainstream economic discourse within China, declaring that “the digital asset industry has considerable progressed in the public’s level” cognitively since “its early days.” How long will it take for 98% of the global population to hear about Bitcoin (BTC) and cryptocurrency? Time will tell.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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