According to an international survey by blockchain research firm Chainalysis, Chinese cryptocurrency investors will earn $1.15 billion by 2023, ranking fourth on the list after the US, UK and Vietnam.
Mainland China's ranking moved up one spot from the 2021 survey, when investors earned a total of more than $5 billion.
Meanwhile, Hong Kong (China) people brought in about 250 million USD in 2023. In 2021, they earned 1.3 billion USD.
Chinese people are still interested in digital currency
Bitcoin’s price surge earlier this year has made it a popular topic on Chinese social media, according to SCMP . China’s state-run newspaper Economic Daily has stressed that Bitcoin’s rally cannot mask the potential risks surrounding the digital asset.
The gains show that cryptocurrency enthusiasts here have found ways to circumvent the law, with some platforms like Binance still allowing mainland Chinese users to trade despite displaying warnings on their websites.
In contrast to the strict ban on the mainland, Beijing has pledged to support Hong Kong in becoming a major virtual asset center. Starting in June 2023, Hong Kong will allow retail investors to trade virtual assets on licensed platforms.
In 2023, cryptocurrency investors worldwide recorded a total profit of $37.6 billion, down from $159.7 billion in 2021. However, this figure is still significantly higher than in 2022 when the market saw a loss of up to $127.1 billion. The US cryptocurrency community had the highest increase in 2021 and 2023, earning $47 billion and $9 billion, respectively.
Bitcoin has surged more than 50% in early 2024 thanks to strong inflows into US spot Bitcoin ETFs and the approaching halving event.
Chainalysis believes that the growth of Bitcoin and Ether is being extended from 2023 to 2024. If these positive trends continue, the profits from investing in Bitcoin and Ether could reach as large a growth as in 2021.
Source link
Comment (0)