8BTC, one of the largest cryptocurrency focused media in China, conducted a one of a kind survey, to understand the demand for cryptocurrencies in the country. The results of the survey were surprising as it revealed a huge demand for cryptocurrencies.
Around 4,892 people were part of the survey. People were chosen at random and were from various background and not just tech. Some of the questions asked were, “Are there any people in the blockchain and cryptocurrency bear market that are willing to enter the market? Who is the main force in the purchase of cryptocurrency? Did you start to buy coins after 20,000?”
According to the findings,
- 98% of the people have heard about cryptocurrencies
- 40% of the people have a willingness to invest in cryptocurrencies
- 14% of the people have invested in cryptocurrencies.
- Bitcoin is not seen as a high risk investment, but investment similar to stocks and real estate
- Most of the people who want to invest in cryptocurrencies, aren’t able to do so because of exchange ban in China.
Currently, in China owning and mining cryptocurrencies is legal but buying and trading on exchanges is not. Cryptocurrencies are seen as a property rather than a currency and are subject to property laws in China. Bitcoin is the most popular cryptocurrency in China.
In November 2017, President Xi Jinping banned cryptocurrency trading in China. Despite the ban, China is a major player in the blockchain space. More than 50% of the tokens listed on Coinmarketcap are from China including Aurora, NEM, Tron, TrueChain etc.
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