A survey conducted by Panews has found that 14% of Chinese citizens have invested in cryptocurrencies. The survey also found that 98% of respondents indicated familiarity with the concepts of cryptocurrency and bitcoin – 3% more than those who stated that they had heard of blockchain technology.
Survey Finds 14% of Chinese Citizens Have Invested in Cryptocurrencies
Panews has published the findings of a survey that queried 4,200 Chinese citizens on their familiarity and opinions regarding Bitcoin and cryptocurrencies.
The survey found that just 75 respondents had not heard of cryptocurrency or blockchain technology, equating to roughly 2% of the survey’s sample. The survey also found that 40% of respondents expressed a willingness to invest in cryptocurrencies in the future, despite nearly 83% of the sample describing cryptocurrency investment as a new trend.
14% of the sample, or 598 respondents, stated that they have invested in cryptocurrencies, nearly 70% of whom purchased their crypto via an exchange platform. 266 respondents came to possess their crypto through airdrops, followed by mining, with 263.
The sample indicated that social media is the dominant means through which Chinese citizens have become exposed to cryptocurrencies, with 38% of respondents claiming familiarity with crypto stating that they became exposed to such through social media, followed by “relatives and friends” with 26%.
Panews also noted that the majority of respondents associated cryptocurrencies with investment products primarily, and not as a medium of exchange.
Cryptocurrency Moving Towards Becoming Household Concept in China
While 4,125 respondents indicated familiarity with the concepts of cryptocurrency, Bitcoin, and blockchain technology, only 372 individuals described themselves as possessing a strong understanding of pertinent topics, amounting to roughly 9% of all respondents.
Only 17 respondents claimed not to have heard of cryptocurrency, while 103 stated that they were unfamiliar with Bitcoin. 60% of respondents described common perceptions regarding the complexity of exchanging and storing cryptocurrency as the primary barrier to greater crypto adoption.
Overall, the study found that bitcoin and cryptocurrency have made significant strides toward penetrating mainstream economic discourse in China, asserting that “the cryptocurrency industry has made considerable progress in the public’s cognitive level” since “the early days.”