According to a recent report by Kyrios Ventures, China has one of the biggest populations of cryptocurrency investors in Asia.
Why is this interesting?
It is interesting because China also has one of the worst anti-crypto laws on the continent.
This report from Kyrios Ventures surveyed over 5000 people from five countries and found that the Chinese have one of the largest appetites for risk, as well as a strange preference for stablecoins, compared to people in Vietnam, South Korea, Taiwan and Thailand.
The key part of stablecoins is that they live up to their names—they are more stable than other forms of crypto and hence do not fluctuate as often.
It so happens that the Chinese have a preference for Stablecoins as well.
Kyrios Ventures reports that about 33.3% of Chinese investors hold huge amounts of stablecoins, and are second only to the Vietnamese, who have about 58.6% of cryptocurrency investors interested in stablecoins.
This shows that while the Chinese are highly interested in the potential of cryptocurrency, they also understand the importance of hedging against inflation.
Conversely, we can also see that investors in the other surveyed countries prefer a lot more carrots and onions in the mix
Kyrios Ventures' study shows that other countries do not have much interest in stablecoins, and have even reduced their holdings while buying other types of assets like Bitcoin, Ethereum, and others.
In particular, we can see the lowest rate of stablecoin holders in Thailand, which boasts only 22%.
China, as we mentioned, has one of the harshest cryptocurrency climates in Asia.
Keep in mind that China banned all forms of trading, Initial Coin Offerings (ICOs) and even mining operations in 2021.
This massive crackdown pushed China down from being a Bitcoin mining superpower to second place after the United States, holding 21% of the current hashrate, according to Visual Capitalist.
So far, the Chinese authorities have continued to punish, arrest, fine and even jail any perpetrators of illegal or suspicious crypto activities.
Despite these challenges, China has emerged as one of the top cryptocurrency hubs on the continent.
Kyrios Ventures noted that the majority of investors in China prefer centralized crypto exchanges to decentralized ones, which is strange, considering how these centralized exchanges are often outside of China, and have to be accessed via VPNs or other methods.
The report revealed the main sources of information preferred by the surveyed countries and found that self-research, cryptocurrency news, community groups and key opinion leaders (KOLs) were the most popular ways by which these countries got their information.
Among the five countries, news media were preferred by more than 70% of Thai and Chinese investors, reflecting their interest in the latest developments and events in the crypto space. Community groups and KOLs were also influential, especially in Vietnam and South Korea, where they provided insights, opinions, and recommendations for cryptocurrency enthusiasts.
Overall, the report concluded by saying that the crypto industry in Asia has shown resilience, despite the many geopolitical and regulatory challenges that it has faced.
Kyrios Ventures also mentions how diverse and promising the crypto market is in Asia, which is turning out to be home to some of the most active cryptocurrency communities in the world.
The crypto industry in Asia is expected to continue growing regardless, in 2024 and beyond, as more investors, developers and entrepreneurs from the continent join in.
Overall, the report also states that Bitcoin is believed by most Asians to hit more than $70,000 in 2024, Ethereum has emerged as the most popular defi network, a China will likely turn out to be a key player in the crypto space, as the industry moves forward and matures.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.