Bitget Survey Chinese Investors Have Higher Investments in Cryptocurrencies

Bitget survey finds Chinese investors have higher cryptocurrency investments

Author: Shalini Nagarajan, translated by LianGuai

Despite the ban on cryptocurrency trading, China has the highest participation in cryptocurrency investments.

The latest research from cryptocurrency derivatives exchange Bitget spans 20 countries and finds that China is the most active in interacting with cryptocurrencies. The study, conducted from May to August 2023, involved over 1,500 participants from countries including Europe, China, Japan, South Korea, and Turkey. The report, released on Thursday, shows that 18% of Chinese investors allocated between $50,000 and $100,000, and another 19% invested between $100,000 and $500,000 in cryptocurrencies.

China has effectively banned cryptocurrency trading and pledged to eliminate digital asset mining, marking services from offshore exchanges as illegal financial activities. Nevertheless, some traders have found ways to continue trading through over-the-counter platforms and offshore exchanges.

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However, the ban on cryptocurrency trading has had a significant impact. A recent report from Chainalysis pointed out a noticeable decline in cryptocurrency activity in East Asia, with trading volumes in Hong Kong and China decreasing compared to data from 2021 and 2022. The report highlights a significant drop in cryptocurrency trading volume in China. From July 2022 to June 2023, the total cryptocurrency trading volume in China was $86.4 billion, much lower than the nearly $225 billion traded in the same period the previous year.

Contrasting investment habits among surveyed countries

In contrast to China, users from Europe, Turkey, and South Korea showed relatively lower investment amounts. Bitget’s research found that 51% of European users, 49% of Turkish users, and 46% of South Korean users allocated their investments within the range of $1,000 to $10,000.

The study also found that gender plays a role in financial goals. In South Korea, 49% of female users and in Japan, 41% of female users invest in cryptocurrencies to improve their financial status, compared to 45% and 30% of males, respectively. Additionally, approximately 27% of female investors from Turkey and the United States were found to use cryptocurrencies to fund their children’s education.

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