Bitcoin to $10K, a popular narrative among Chinese investors; Details

Sahana Kiran
Source – Unsplash

The downfall of Bitcoin [BTC] and other cryptocurrencies, has instilled fear among investors. While some have been making the most of it by buying the dip, others were bidding adieu to the market. The ones that decided to stay made a plethora of predictions about the market. A popular one among investors is that Bitcoin could drop to $10K. Surprisingly, in a country that despises all things crypto, its citizens expressed interest in buying the dip.

In a recent survey conducted on Weibo among the Chinese community, an array of them still seemed to be inclined towards crypto. Among 2,200 people, a whopping 40 percent of them believed that Bitcoin would go to $10,000 and they would then buy the asset. The same individuals suggested that they would purchase Ethereum [ETH] once it reached $500.

As seen in the above tweet, Chinese crypto journalist, Colin Wu noted that 26 percent of the participants would buy the dip when Bitcoin reached $15,000. A dainty 8 percent were inclined towards BTC reaching $18,000.

Bitcoin has been struggling to form a pertinent bottom. The invasion of bears and the recent CPI data pushed BTC down to a low of $19,730, at press time.

Will China ever be able to entirely get rid of Bitcoin?

The Chinese government and its hostility towards the crypto market is no news. The country went on to ban crypto in several different phases. From prohibiting crypto transactions to ousting mining firms, the Chinese government wanted no signs of crypto in its territory. Just yesterday, China’s prominent social media platform, WeChat put in place new norms in order to minimize promotions of money money-making and high-yield financial fraud schemes. 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, backlash from the government played a vital role as well.

As the Chinese government continues meddling with the financial freedom of its citizens, background activity was taking the front stage. Unfazed by government implications, several citizens continued mining and trading Bitcoin.

The recent data incurred from the survey clearly shows that the crypto fervor continues to linger in the Chinese market. The bear market has forced several to exit the industry, but the afore seen investors seem rather positive.