Altcoin News: Poll: Chinese Crypto Investors Bet on Bitcoin

August 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

More than 30% of cryptocurrency investors in China expect that the price of Bitcoin will exceed the $30,000 mark over the next 12 months, according to a recent survey conducted by local crypto financing company BabelFinance.

The survey involved several hundred people. It turned out that the average Chinese crypto investor is a young educated man with an income level above the average.

When asked why they decided to invest in cryptocurrencies, the majority (84.3%) said they believe in the prospects of Bitcoin and want to keep it as a long-term investment; 25.3% were attracted by high potential returns in the short term. The same share considers cryptocurrency a safe asset, and 19.3% said they also hold cryptocurrency for collection reasons.

In the context of the distribution of investments, 31.3% said that cryptocurrency assets occupy more than half of their investment portfolios; 12% invest 41–50% of their funds; 10% — from 31 to 40%. A trader in the traditional market said that he invested 10–20% of his assets in cryptocurrency. Most Chinese people prefer to invest in real estate, so the share of cryptocurrencies in portfolios of more than 10% seems to be quite large survey shoes.

Bitcoin remains the most popular cryptocurrency among the respondents — it is held by 86.7%. It is followed by Ethereum (57.8%), USDT (50.6%) and EOS (41%).

While 30% of respondents expect that the price of Bitcoin will rise above $30,000 over the next year, 26.9% assume that it will fluctuate between $15,000 and 20,000; 16.7% see Bitcoin below $15,000, and 15.7% between $20,000 and $25,000.

Despite positive expectations, 50% of those who do not want to invest in cryptocurrencies still consider them a scam. 53.8% of those who want to invest in cryptocurrencies, but have not done so yet, said they did not know how to buy them.

Another survey conducted in 2018 showed that about 3% of the representatives of the new middle class of China included Bitcoin and other cryptocurrencies in their investment portfolios.

Author: Marko Vidrih