Nearly 40% of Chinese Would Still Invest in Cryptocurrencies, Survey Finds

A recently conducted survey has found that despite the prolonged bear market that saw most cryptocurrencies lose between 80% and 90% of their value, nearly 40% of respondents would still invest in cryptocurrencies if they had spare funds.

According to 8BTC, the survey was conducted by local news outlet PANews, and it found that 82.8% of the polled individuals would consider buying crypto a “trendy investment,” while 40% claim they would like to invest.

While the report doesn’t detail how the survey was conducted, it claims it asked 4,980 Chinese individuals about cryptocurrencies between November 26 and December 10 of this year, and managed to get 4,200 valid questionnaires.

Most Have Heard Of Crypto

Notably, the local news outlet claims it found that 98.22% of respondents had heard of at least one concept related to cryptocurrencies. About 50% claimed to have heard of cryptocurrency, digital currency, or bitcoin, while 42.3% claimed to have heard about blockchain technology.

The concept of a blockchain-based token wasn’t as popular, as only 22.2% heard about it. Among those who claimed to have heard about blockchain technology, 20% had “some knowledge” about it, but most knew blockchain tech at “a relatively surface level.”

Millennials, the report adds, are more familiar with cryptos. As CryptoGlobe covered other surveys have found millennials are into cryptocurrencies, as consultant Capgemini’s World Wealth Report 2018 found more than 25% of High Net Worth Individuals (HNWIs) surveyed “place importance” on getting information about the ecosystem.

The report notably points out that those who responded to the survey were more familiar with cryptocurrency in general than with bitcoin. This, it claims, as cryptocurrencies are, in general, seen as an investment product.

Out of the 14% of respondents who have invested in cryptocurrencies, about 20% only heard about bitcoin, while the remaining 80% heard about top altcoins like Ethereum. Per the survey, Key Opinion Leaders (KOL) appear to play an important role in familiarizing people with cryptocurrencies, as nearly 38% of respondents learned about crypto from online celebrities and the community in general.

About 26%, it adds, found out about crypto from friends and relatives, while mainstream media reports got to 20% of the survey’s respondents.

Investing In Crypto

Out of the who 598 reportedly bought cryptocurrencies, and 60.5% of them were aged 19-28 and invested between $1,450 and $14,500. Most entered the market after last year’s bull run. When asked where they would invest if they had some available funds, 39.6% claimed they would go with crypto.

The most popular answer here were stocks in popular companies and real estate. Interestingly, earlier this year a survey conducted by Get Living, a real estate developer in the United Kingdom, found that 21% of UK millennials would prefer investing in BTC over real estate.

In PANews’ survey, most revealed they would invest in crypto after being influenced by get-rich-quick stories, while nearly 59% said they weren’t investing because of “the complicated procedures when they encounter in wallet use and in crypto exchanges.”

Notably, 63.43% of respondents didn’t see a need to use cryptocurrencies as a payment method, as mobile payment solutions like Alipay and WeChat Pay are “convenient in the country.”

Square Crypto on Hiring Legendary Bitcoin Developer Matt Corallo: ‘LET’S PARTY’

Siamak Masnavi

Square Crypto, the division of payments solutions provider Square that is focused on open source Bitcoin development, announced on Tuesday (August 20) that it had hired legendary Bitcoin developer Matt Corallo.

Square Crypto

The first mention of Square Crypto came on March 20 when Twitter and Square CEO Jack Dorsey sent out the following tweet:

In the tweets that followed, Dorsey explained the motivation for creating this new team:

  • "This will be Square’s first open source initiative independent of our business objectives. These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free."
  • "Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet."

Then, on June 12, Square Crypto announced that Steve Lee, a former director at Google, had been hired to be the manager of this division:

On July 29, Lee held an Ask Me Anything (AMA) session via Square Crypto's Twitter account.

During this AMA session, the Square Crypto PM explained the focus of this group and its relation to the rest of Square: 

When asked how Square Crypto planned to support Bitcoin Core developers, Lee replied:

Lee also provided the first hint that Square Crypto would soon be hiring its first Bitcoin developer:

Matt Corallo

So, who is Matt Corallo? 

Corallo is one of the most highly respected and most prolific Bitcoin developers in the world, who has been making important contributions since May 2011. Currently, Corallo has the 6th most commits (640) in the "Open Source Bitcoin Project".

He is also a co-founder of Bloclstream, where he worked Between October 2014 and January 2017. After leaving Blockstream, he moved to Chaincode Labs, the stated mission of which is "to support and develop Bitcoin and other peer-to-peer decentralized systems."

Decrypto's Tim Copeland says that on February 7, at a meeting event in London, Corallo was introduced as “The bastard child of Satoshi," in response to which Corallo replied: "I can’t comment."

Square Crypto's Hiring of Matt Corallo

This is how Square Crypto ecstatically announced the news at 16:30 UTC on August 20:

As for the reasons for choosing Corallo to be their first full-time Bitcoin developer and how they see him helping this division of Square, they said:

This looks like a very smart move by Square, and judging by the comments on Twitter, the Bitcoin community seems to see this move as very bullish for Bitcoin and its ecosystem.

Featured Image Credit: Photo via Pixabay.com