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Analysis & Opinion

Public Opinion on China Bitcoin Situation – Not as Scared as You Think

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What is the reaction of the Chinese public given the recent crash in bitcoin price and the mining rig FUD? Just yesterday, the second ranked search on Chinese search engine Baidu was “mining machine sold by the pound”. One would expect there to be much chaos given the popularity of that search, but as we have seen with the mining FUD, the actual opinion in China on bitcoin may be quite different.

Searches on mining rigs being sold were ranked second

A local blockchain research group, Insight Chain (INB), recently conducted an online survey on investor’s opinion on bitcoin. This was in response to the recently hot topic of mining machines getting sold and dumped. A total of over 500 valid questionnaires were collected. Around 50% of the respondents believe that the decline in the price of bitcoin will continue for some time. However, despite the current “mine disaster” in the cryptocurrency market, almost 60% of investors believe that the mining machine market will pick up in the future.

Down But Not Out

The falling price of bitcoin is making the whole cryptocurrency circle in China feel anxious. However, according to the investigation mentioned above, almost 60% of Chinese investors still have confidence toward bitcoin and the future of mining rigs. While this is still a far cry from the china bitcoin heyday earlier this year, the Chinese are still holding strong. There is still enough interest in the matter to dominate the searches on their search engines. Once the winter and FUDing has passed, a new spring shall blossom.

Context  Bitcoin Price Correction Compared Between 2014 And 2018

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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