BabelFinance Survey Reveals Chinese Investors Bullish on Bitcoin, BTC Price to See $30,000 by 2021
Chinese investors are positive on Bitcoin’s (BTC) price hitting $30,000 USD in 2020 with the US-China trade war and compliance issues as the major factors influencing the adoption of Bitcoin.
In a published research by BabelFinance on hundreds of Chinese investors are bullish on the price of Bitcoin with 30% of the sample predicting BTC is set to surpass its all-time high price ad climb to $30,000 USD by 2021.
The report was collected from a sample of hundreds of investors, 78% owned at least one cryptocurrency and a staggering 76.3% of the population were male -crypto investors.
Crypto Is for the…Young, Rich and Educated Investors
Of those polled in the survey, 21.9% were between 19 to 25 years old, 51.8% were between 26 to 35 years old and 22.8% were 36 to 45 years old.
This shows the increasing willingness for young people to own digital assets in the country. Furthermore, 68% of the sample indicated a monthly salary of over $1,600 USD – average white collar person earns $1,000 USD per month.
The research shows that digital assets are a favorite investment asset for the young, working class investors with a disposable income to invest in cryptocurrencies.
Bitcoin Reigns Supreme
Despite the recent altcoins price spike earlier in the week, Bitcoin (BTC) remains the favorite asset to Chinese investors. The pioneer cryptocurrency asset is owned by 86.7% of the cryptocurrency investors who participated in the survey followed by Ethereum (ETH), Tether (USDT), and EOS (EOS) at 57 percent, 50 percent, and 41 percent respectively.
The investors are bullish on the price of BTC in the coming year following the 200% spike experienced since the start of the year.
Over 30% of the investors sampled believe the price will cross the $30,000 USD mark in the coming year, 29.6 percent think the price will range between $15K and $20K USD, 16.7% believe the price will be below $15,000 USD while 15.7 percent see the price hovering between $20K and $25,000 USD.
Bitcoin is however facing competition in China as the People’s Bank of China announced plans of launching a stable coin backed by the Chinese government. This comes as the US-China trade wars intensify with the launch of Libra cryptocurrency imminent in the coming year.