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Cryptocurrencies were all the hype back in 2017. In December last year, Bitcoin was valued at a whopping $19,000. However, soon thereafter came the biggest plummet in cryptocurrency prices to date. Bitcoin dropped to nearly $7,000 and other cryptocurrencies also followed the fall. Throughout 2018, cryptocurrencies like Bitcoin and Ethereum failed to regain the lost value and actually lost ground.
Now in December of 2018, nearly 12 months later, Bitcoin is priced at below $4,000. However, this downtrend has not affected the Chinese people as shown in a recent survey done by PANews.
PANews is a Chinese crypto media outlet that carried out the survey among 4,980 respondents. According to the survey, nearly all of the respondents have heard of crypto and blockchain one way or another. That seems to be because of the fact that crypto received a lot of attention and coverage by the mainstream media. In fact, 2018 saw the creation of a media segment across the web solely dedicated to cryptocurrency and blockchain news.
Almost every new digital coin launched was accompanied by news and events all around it. This huge amount of coverage with the help of social media outlets such as Facebook, WhatsApp, Twitter and others, the crypto world has managed to reach an impressive amount of people.
According to the survey, people were more aware of the concept of cryptocurrencies in general than big names like Bitcoin specifically. 82.8% of the respondents still considered crypto to be a “trendy” investment because it seemed like everybody was doing it or talking about it. Only 20% have heard about Bitcoin; the remaining 80% have heard about other big altcoins like Ethereum. This shows that Bitcoin might not have been as big of a phenomenon in the Chinese market as it had become in the West.
14.2% of the respondents have already invested in crypto. Thirty-eight percent claimed that they got their information about cryptocurrencies from celebrities and social media influencers also called Key Opinion Leaders or KOL.
The survey also points out that cryptocurrencies are seen generally as an investment product. However, the most important revelation of this survey was the cause of hesitancy by the general public in investing or working with cryptocurrencies. Fifty-nine percent of the respondents said that they were interested in investing in crypto but they were discouraged by the “complicated procedures that they encountered when they use wallet or crypto exchanges.”
There is no doubt that as the process of crypto transactions will be simplified, more people will jump on the cryptocurrency wagon.