Over 30% Chinese Crypto Investors Polled Think Bitcoin Could See $30,000 over Next 12 Months
Over 30 percent of Chinese cryptocurrency investors polled predict that bitcoin price would surpass $30,000 over the next 12 months, according to a recent survey conducted by a 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 high incomes. It is not a surprise to learn that the biggest crypto evangelists are young men – 76.3% of the respondents are men compared with only 23.7% of women. Over 75% of them have a college degree or above.
As per the survey, 51.8% of the polled are aged between 26-35 years old, 21.9% aged 19-25 years old, 22.8% aged 36-45 years old. Nearly 70% of them have a monthly income over 11,000 yuan (roughly $1,600), by comparison, the average monthly salary for white-collar workers in the country was around 7,000 yuan (roughly $1,000) in 2018. That means they are young, well off and have idle money to invest in this nascent asset.
When quizzed about the reason for choosing to invest in the digital asset, a majority (84.3%) say they are bullish on the future of bitcoin and willing to hold it in the long run, 25.3% are lured by high returns in short-term investment, 25.3% view cryptoasset as a safe-haven, and 19.3% say they are holding cryptos for collection.
In terms of investment portfolio, 31.3% of the people responded that cryptoasset accounts for over half of their total investment, 12% had put 41%-50% of their money in cryptoasset, and 10.8% invest 31%-40% of their household wealth in it. A securities trader interviewed said he had put 10%-20% of their money into cryptoasset, as real estate property is a major asset for Chinese, most people’s money has flown into the real estate industry, an allocation of 10% or above in cryptoasset is quite high.
Bitcoin, the original and biggest cryptocurrency, stays the most popular crypto when it comes to investment, with 86.7% of respondents holding bitcoin. Next come Ethereum (57.8%), USDT (50.6%) and EOS (41%).
It is worth noting that more than 30% of the people believe the price of bitcoin will reach $30,000 in the next 12 months when asked to predict bitcoin price; 26.9% think bitcoin price will hover between $15,000-$20,000, 16.7% give the prediction of below $15,000 and 15.7% believe it will rise to $20,000-$25,000 range.
Despite these positive figures, 50% of respondents who have no wish to invest in cryptocurrencies still believe that cryptocurrencies are scams. More than half (53.8%) of those who are interested in investing cryptocurrencies but have not yet done so say that the main reason they do not have one is that they do not know how to buy it.
Prior to it, a survey in 2018 found around 3% of the populace from the new middle class in China has included bitcoin-like cryptocurrencies in their investment portfolio.