A recent survey of over 2,000 Chinese-speaking cryptocurrency users reveals that Binance holds a commanding position as the most popular exchange in this community, while social media platform X has become a primary resource for investment information. The survey, conducted by Hong Kong-based publication TechFlow, offers a detailed look into the preferences and behaviors of Chinese crypto enthusiasts.
Survey Reveals Binance’s Dominance in the Chinese Crypto Market
According to the survey, Binance is the go-to cryptocurrency exchange for Chinese speakers, with 96.72% of respondents indicating they use the platform. An impressive 63.15% reported that they store their primary crypto assets on Binance. OKX came in second, with 83.53% of respondents having used the platform, though only 25.3% keep their main assets there. Gate.io and Bitget followed at 39.95% and 37.49%, respectively, though their share of asset holders was significantly lower.
Despite ongoing regulatory challenges for cryptocurrencies in China, a significant majority (69.61%) of respondents stated that their choice of exchange was not influenced by regulatory factors. This suggests that many investors are becoming less concerned with the regulatory environment when choosing where to trade.
X Leads as the Preferred Source for Crypto Investment Guidance
When it comes to gathering information for investment decisions, 87.17% of respondents turned to X (formerly known as Twitter), making it the most popular source of guidance. Crypto media was the second-most relied upon source, with 69.88% of users consulting it, while WeChat and Telegram were also used by a smaller portion of the population.
Demographics and Experience in the Chinese-Speaking Crypto Community
The survey participants were predominantly male (76.1%) and younger, with 57.4% falling between the ages of 26 and 35. Another 25% were under 26, while only 0.45% of respondents were over 55 years old. In terms of experience, the most common group had between three and five years of involvement in the crypto market (34.76%), followed closely by those with one to three years (30.94%). A smaller portion, 6.19%, had more than eight years of experience.
The survey also highlighted that a considerable percentage of users were deeply involved in the market, with 49.41% holding more than half of their assets in cryptocurrency. Among the most profitable coins for respondents were Bitcoin (BTC), Ether (ETH), Solana (SOL), Binance Coin (BNB), and Pepe (PEPE).
Unique Investment Practices Among Chinese Crypto Users
A particularly intriguing finding from the survey was the role of metaphysical beliefs in investment strategies. According to the data, 40.04% of respondents admitted to engaging in practices such as praying for the blessing of the God of Wealth before making investment decisions, underscoring the cultural and spiritual dimensions that sometimes accompany financial speculation.
Crypto Trading Continues Despite Ban in Mainland China
Although China has imposed strict bans on cryptocurrency trading, including prohibiting exchanges from operating within the country, users continue to trade through offshore platforms and exchanges. Chinese citizens are permitted to invest up to $50,000 annually on exchanges in Hong Kong. Chainalysis data cited by Reuters shows that China saw $86.4 billion in cryptocurrency transactions between July 2022 and June 2023.
The TechFlow survey, which was conducted between May 22 and June 30, reflects the ongoing interest and participation in crypto markets among Chinese-speaking users despite the legal hurdles. The survey’s findings were made public on August 19 and offer a unique snapshot of the current landscape in this rapidly evolving space.
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