Among the primary hurdles faced by cryptocurrencies, including bitcoin, are adoption trends and reluctance of long-term investors to embrace the asset class. Chinese investors could change that.
Among the issues plaguing bitcoin this year are the ongoing unwillingness of U.S. regulators to approve bitcoin-related exchange traded funds as well as data indicating that mainstream acceptance and adoption of the digital currency are declining.
“A remarkable 82.81 percent of Chinese polled think buying cryptocurrencies is a trendy investment and 40 percent say they would like to invest in cryptos in the future despite the current bearish market, a survey by a local crypto news media PANews found,” reports 8BTC.
Other data points from the survey augur well for digital assets in China.
“As per the survey, 98.22 percent of respondents have heard of at least one concept related to cryptocurrency or blockchain, with 50 percent saying they have heard of cryptocurrency, digital currency or bitcoin, and 42.3 percent saying they’ve heard of blockchain. While token is less known for them, only accounting for 22.2 percent,” according to 8BTC.
What’s Next
Momentum plays an important role in when to buy bitcoin, but what may be surprising is that buying the cryptocurrency after it has experienced big rallies can be a winning strategy. Some crypto market observers believe the long-term outlook remains encouraging for the largest digital currency. However, this has been a brutal for the broader market cryptocurrency space in terms of lost market value.
An interesting point from the China survey is that many investors are more familiar with the broader crypto universe than bitcoin itself. Bitcoin is the largest digital currency by market value.
“It is notable that more people heard of cryptocurrency than bitcoin. Partly because it is better known as an investment product,” notes 8BTC. “According to the survey result, 14.24 percent of the respondents have invested in cryptocurrencies, among which, investors with little knowledge of crypto and those who only know bitcoin account for 20.07%; nearly half of the remaining 80% know mainstream cryptos like ETH and EOS, and the rest half say they are also acquainted with altcoins.”
For more information on the cryptocurrency market, visit the Bitcoin category.