A Chinese media outlet, PANews recently carried out a survey in which it evaluated the responses of 4,200 people. The survey was regarding their inclination towards crypto assets and was routed through a crypto-friendly media outlet 8BTC.
Following the survey, it concludes that 98.22% of those surveyed were aware of cryptocurrency technology. Among the respondents, 40% have expressed that they are willing to invest in cryptocurrencies sometime in the future. Meanwhile, some of them also indicated a skeptical vibe regarding the cryptos. The survey shows that 63 percent of the population said that that there was no requirement for crypto in terms of payment.
Plus, only 22.2 percent of the individuals have heard about the concept of blockchain-powered tokens. While 14.6% of those surveyed have made a capital allocation within the crypto space.
Reportedly, the lack of infrastructure in China might be the reason behind the skepticism regarding crypto. Chinese consumers seem hesitant to step into the crypto market perhaps due to the rise of China’s social credit system, which punishes those for breaking laws, however civil or criminal. Also, the majority Chinese respondent didn’t consider cryptocurrencies as a viable medium of payment.
Interestingly, most of the crypto buyers were in the 19-28 age range, who were investing anywhere between 10,000 to 100,000 yuan. Notably, the Chinese government recently published its latest ranking of cryptocurrencies. In the ranking, Bitcoin positioned at 18th place and EOS at the top. Ethereum holds the second place, being the third largest cryptocurrency.
Back in November, former United States Congressman, Ron Paul conducted a survey on Twitter, in which 94,894 votes were counted favoring Bitcoin over more traditional forms of money. One more survey occurred in Germany that unveiled that over-one third of big German businesses consider blockchain as revolutionary as the internet. The Chinese government has recently become stricter against the crypto space, increasing scrutiny over this technology. On this, a Hong Kong-based trader, Charles stated that while the government’s step to ban crypto-related social media channels and physical events may sound harsh, especially considering free speech rights, in reality, China remains one of the world’s most liquid OTC-based cryptocurrency markets.