Survey: 63% People in China Believe Cryptocurrencies Are of No Use

Dec 31, 2018 at 21:30 Update Date :Dec 31, 2018 at 21:30 UTC

The reports of a survey conducted in China show that 63% of the people believe that cryptocurrencies are unnecessary. Around 4200 people were surveyed to check what they think about cryptocurrencies like bitcoin –60% don’t believe in cryptocurrencies, and remaining 40% consider investing in the digital currencies.

The interesting fact of the survey is 14% of the people have invested in the virtual currencies already. Out of those people, majority of the respondents were youngsters who were born after 1990.

So, should we say that young blood is more diverted towards cryptocurrency? Well, maybe.

Youngsters Know More About Cryptocurrency

The survey of 4200 people was categorized into age group which showed that majority of the people who have invested in the cryptocurrency were 1990 adults and kids. Around 372 people said that they understand what blockchain technology is. Out of these people, a majority were born after 1995, whereas, people who were born before 1990 and pre 1995 comes second in the list.

The number of people (who have invested in cryptocurrency) born in between 1980-1990 was only 178. While people born after 1990 were almost double in number.

Out of the 4200 people, only 75 people had never heard about terms like bitcoin or blockchain. That means, around 98.22% of the people were aware of the digital currency – however, a majority of them did not know it very well.

The survey reports further show that 40% of the people were interested in cryptocurrency investment. No doubt cryptocurrency is legal in China, but the legality of purchasing them is still unknown.

One another interesting statistic of the survey reports show that out of 598 people who had invested in cryptocurrencies – only 103 were aware of bitcoin – 17 didn’t know anything about cryptocurrencies.

Majority of the people had invested during the Bull Run and successive declination of 2017. Currently, the people who have invested have less than $1500 in the crypto market.

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