A recent survey carried out by Chinese crypto media outlet PANews shows that the Chinese people were not much deterred by the bear market.

Almost all the respondents had heard of crypto and blockchain in one way or another. They were more aware of the concept of cryptocurrencies than they were of Bitcoin itself. Of the 4980 respondents, 82.8 percent believed that buying cryptocurrencies were still a “trendy” investment. About 20% only heard about bitcoin, while the remaining 80% heard about top altcoins like Ethereum. 14.2% of the people polled had already invested in crypto, with most stepping into crypto after the 2017 bull run. 38 percent of respondents got their information and advice about crypto investments from celebrities and influencers in the crypto space.

Key Opinion Leaders (KOL) appear to play an important role in familiarizing people with cryptocurrencies, as nearly 38% of respondents learned about crypto from online celebrities and the community in general.

The report notably points out that those who responded to the survey were more familiar with cryptocurrency in general than with bitcoin. This, it claims, as cryptocurrencies are, in general, seen as an investment product. Many people who were familiar with the technology said that they were afraid of the complexities around exchanging and purchasing with cryptos.

Although the survey revealed they would invest in crypto after being influenced by get-rich-quick stories, while nearly 59% said they weren’t investing because of

“the complicated procedures when they encounter in wallet use and in crypto exchanges.”

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