Confidence in cryptocurrencies in China has plummeted in recent months
A poll conducted by analysts at Morning Consult revealed a sharp drop in confidence in digital currencies among Chinese citizens over the past month. While in Mexico, India, and Brazil, the level of confidence in the new asset class, on the contrary, is growing rapidly.
Morning Consult recruited over 1,000 people in 15 countries to participate in the survey, including the Americas, Australia, Europe, and Asia. Among all the respondents, the citizens of India reacted the most to cryptocurrencies, where the level of trust in assets exceeds 86%. Brazil is next on the list with 69%, Mexico with 65% confidence, and Russia, where about 54% of the respondents are ready to trust cryptocurrencies.
It is worth noting that the survey was conducted by analysts from August 25 to 31 this year, therefore, in a conversation with respondents, they did not mention the recent legalization of Bitcoin as a means of payment in El Salvador.
Thanks to the Chinese “exodus of miners” after the government banned the mining of cryptocurrencies and the introduction of strict restrictions related to the activities of crypto companies, the attitude towards digital currencies among the locals has noticeably deteriorated. Regular mentions in the media of cryptocurrencies, mining, and non-fungible tokens in a negative way make themselves felt.
In the last month alone, confidence in the new asset class among the local population has dropped by 16%. Back in July, this indicator was at the level of 45%, and today it is 29%. For comparison, over the same period, confidence in digital currencies fell by only 2%.
At the same time, in India, a high percentage once again confirms the belief of many members of the crypto community that there is a clear correlation in the adoption of Bitcoin by the population of those countries whose authorities regularly speak out against crypto assets. So, almost half of Brazilians do not mind making Bitcoin their official currency, following the example of El Salvador.
Among the countries whose citizens do not trust cryptocurrencies at all, analysts singled out Japan and South Korea. They both scored 48% on the “distrust” scale. Although it is worth noting here the urgent problem of Japan with its "super-aging" of society, both in rural and urban areas with the number of people over 65 years old in 28.9%, over 75 years old - 14.9% and over 85 years old - 5,1%. At the same time, in South Korea, the number of people over 65 is slightly less, about 17%. Therefore, most of the crypto community was not surprised by such indicators, taking into account the general trust of elderly people in new technologies and, even more so, in the unusual form of money.
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