Over 30 percent of Chinese cryptocurrency investors polled predicted that the bitcoin price will surpass $30,000 over the next 12 months, according to a recent survey conducted by local crypto financing company BabelFinance.
The survey, collecting hundreds of valid responses, found that the average Chinese crypto investor is young, well-educated and male, with a high income. It is not a surprise to learn that the biggest crypto evangelists are young men — 76.3 percent of the respondents were men. Over 75 percent of respondents had a college degree or above.
As per the survey, 51.8 percent of those polled were between 26 and 35 years old, 21.9 percent were 19 to 25 years old and 22.8 percent were 36 to 45 years old. Nearly 70 percent of them indicated a monthly income over $1,600 (11,000 yuan). By comparison, the average monthly salary for white-collar workers in the country was around $1,000 (7,000 yuan) in 2018. That means these respondents were young, well off and have idle money to invest in the nascent assets.
When quizzed about the reason for choosing to invest in cryptocurrency, a majority (84.3 percent) said they are bullish on the future of bitcoin and willing to hold it in the long run, 25.3 percent were lured by high returns in short-term investment, 25.3 percent viewed crypto assets as safe havens and 19.3 percent said they are holding cryptocurrencies for collection.
In terms of investment portfolio, 31.3 percent of the people responded that crypto asset accounts for over half of their total investment, 12 percent had put 41 to 50 percent of their money in crypto assets and 10.8 percent invested 31 to 40 percent of their household wealth in them. A securities trader interviewed said he had put 10 to 20 percent of their money into crypto assets. As real estate is a major asset for Chinese people, most people’s money has gone into the real estate industry, so an allocation of 10 percent or more of these holdings invested in crypto assets is quite high.
Bitcoin, the original and biggest cryptocurrency by market capitalization, remains the most popular cryptocurrency when it comes to investment, with 86.7 percent of respondents holding bitcoin. Next was ether (57.8 percent), USDT (50.6 percent) and EOS (41 percent).
It is worth noting that more than 30 percent of respondents believe the price of bitcoin will reach $30,000 in the next 12 months when asked to predict bitcoin price: 26.9 percent think the bitcoin price will hover between $15,000 and $20,000, 16.7 percent gave a prediction of below $15,000 and 15.7 percent believe it will rise to the $20,000 to $25,000 range.
Despite these positive figures, 50 percent of respondents who have no wish to invest in cryptocurrencies still believe that cryptocurrencies are scams. More than half (53.8 percent) of those who are interested in investing in cryptocurrencies but have not yet done so say that the main reason they do not have any is that they do not know how to buy it. Prior to this survey, a survey in 2018 found that around 3 percent of the populace from the new middle class in China has included bitcoin-like cryptocurrencies in their investment portfolios.