The demise of Bitcoin [BTC] and other cryptocurrencies, has terrified investors. While some made the most of it buying the dip, others bid adieu to the market. Those who decided to stay made a plethora of predictions about the market. A popular one among investors is that Bitcoin could fall to $10K† Surprisingly, in a country that despised all things crypto, citizens showed interest in buying the dip.
In a recent survey on Weibo among the Chinese community, a series of them still seemed to have a propensity for crypto. Among 2,200 people, as many as 40 percent of them believed Bitcoin would go to $10,000 and they would then actively buy it. The same persons suggested that they would buy Ethereum [ETH] once it reached $500.
As seen in the tweet above, Chinese crypto journalist Colin Wu noted that 26 percent of participants would buy the dip when Bitcoin reached $15,000. A graceful 8 percent tended towards BTC reaching $18,000.
Bitcoin is struggling to form a relevant bottom. The Bear Invasion and the Recent CPI data pushed BTC to a low of $19,730, at the time of writing.
Will China Ever Be Able to Get Rid of Bitcoin Completely?
The Chinese government and its hostility to the crypto market is not news. The country subsequently banned crypto in several stages. From banning crypto transactions to ousting mining companies, the Chinese government wanted no signs of crypto on its territory. Just yesterday, China’s prominent social media platform, WeChat introducing new standards to minimize money making promotions and high return financial fraud. This included cryptocurrencies.
Even internet giant Tencent decided to pull the plug on its NFT platforms. While it suggested that this was due to declining sales, government backlash played a critical role as well.
As the Chinese government continues to interfere with the financial freedom of its citizens, background activities have come to the fore. Unfazed by the implications of the government, several citizens moved on mining and trading Bitcoins.
The recent data from the survey clearly shows that the crypto fervor in the Chinese market is lingering. The bear market has forced some to leave the sector, but the aforementioned investors seem rather positive.