According to a study conducted by PANews, nearly 40% of Chinese say yes to cryptocurrencies, in terms of investing in cryptocurrencies in the near future. Many of these are millennials.
Polling about 5,000 Chinese people, the survey also finds that:
- 98.22% have heard of at least one concept related to cryptocurrency or blockchain, mostly Bitcoin;
- Only 20% of those who have heard of blockchain claimed to actually understand it;
- Only 14.24% have actually invested in cryptocurrency; and
- 82.81% recognized cryptocurrency as a new form of investment opportunity.
According to the survey, the biggest obstacle against investing in cryptocurrencies is the complexity in using cryptocurrency wallets or exchange platforms (58.85% found it difficult), followed by market volatility, and regulatory concerns.
Similar view in the US
The Chinese findings are rather parallel to a Coinbase survey done in the US, which found that US students were twice as likely as the country’s average to own cryptocurrencies. Another study conducted by researchers Qriously also revealed that 18% of US students have owned Bitcoin or other cryptocurrencies before.
“A process is well underway that will lead to the migration of most financial data to blockchain-based organizations,” said David Yermack, the finance department chair at New York University Stern School of Business.
“Students will benefit greatly by studying this area.”