A new survey conducted by PANews asked nearly 5,000 Chinese respondents about their familiarity and interest in cryptocurrencies. Most interestingly, the survey found that 2 in 5 (40%) of the participants surveyed want to invest in Bitcoin (BTC), despite the year-long bear market.
Crypto Survey Statistics
The survey also revealed that only 50% of respondents had heard of the buzzwords; cryptocurrency, digital currency, or Bitcoin, and only 42% had heard of blockchain.
Further statistics showed that only 20% of the people who heard of blockchain claim to understand the technology and half of these people were millennials. This suggests that younger generations have a deeper understanding and interest in crypto and blockchain technology.
The survey showed that 14% of the respondents surveyed had already invested in cryptocurrency. Out of this small group of people, 1 in 5 of only know about Bitcoin, 2 in 5 know about mainstream cryptocurrencies like Ethereum and EOS, and 2 in 5 know about other altcoins.
The survey also revealed how the people who know about cryptocurrency heard about it, showing that 40% of those surveyed discovered crypto through online celebrities.
As for the rest, 25% discovered crypto through friends and family, and 20% became aware through the media.
Chinese Crypto Investors
Yet another interesting statistic revealed by the survey is the age group of crypto investors. The poll showed 60% of those who invested in crypto were between the ages of 19-28 and allocated anywhere from 10,000 – 100,000 yuan ($1450–$14,500) for investment.
These respondents had invested after the 2017 bull-run and are therefore most likely underwater with their investments. 40% of these individuals said they would invest any spare funds into crypto, despite their previous losses.
Statistics show that 60% of the surveyed respondents said they didn’t invest due to complicated procedures with crypto exchanges and wallets. It appears the crypto industry could use more user-friendly services to onboard new users.
By analyzing the statistics from surveys like these, the cryptocurrency industry can learn a lot about user adoption, usage and sentiment. From the results, millennials are more open to cryptocurrencies and willing to invest.
We can also gauge that most people do not know of, or even understand, cryptocurrency or blockchain technology. This is an area the industry must improve upon if we’re to encourage user growth and mass adoption.
The handling of crypto through wallets and exchanges also needs to be more user-friendly if the industry is to go mainstream.