Chinese Crypto Investors Are Betting On Bitcoin – Poll
More than 30% of cryptocurrency investors in China expect the bitcoin price to surpass $ 30,000 over the next 12 months, writes Bitcoin Magazine, citing a BabelFinance survey..
Several hundred people took part in the survey. The average Chinese crypto investor, it turns out, is a young, educated male with an upper middle income.
When asked why they decided to invest in cryptocurrencies, the majority (84.3%) stated that they believe in the prospects of bitcoin and want to keep it as a long-term investment; 25.3% were attracted by the high potential return in the short term. The same share considers cryptocurrency to be a safe asset, and 19.3% said they also hold digital currency for collection reasons.
In the context of investment allocation, 31.3% said that crypto assets account for more than half of their investment portfolios; 12% invest 41-50% of funds; 10% – from 31 to 40%. A trader in the traditional market reported that he invested 10-20% of his assets in cryptocurrency. The majority of Chinese residents prefer to invest in real estate, so the share of cryptocurrencies in portfolios of more than 10% seems to be quite large, notes Bitcoin Magazine.
Bitcoin remains the most popular cryptocurrency among respondents – 86.7% hold it. It is followed by Ethereum (57.8%), USDT (50.6%) and EOS (41%).
While 30% of respondents expect the bitcoin price to rise above $ 30,000 over the next year, 26.9% expect it to hover between $ 15,000 and $ 20,000; 16.7% see bitcoin below $ 15,000 and 15.7% see bitcoin between $ 20,000 and $ 25,000.
Despite the 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 do not know how to buy them.
A 2018 poll found that about 3% of China’s new middle class have included Bitcoin and other cryptocurrencies in their investment portfolios..