Less than 10% of China’s new middle class is placing crypto eggs in their wealth management baskets, according to the 2018 White Paper on the New Middle Class. This is the first time that the annual report is including Bitcoin and other cryptocurrencies as an investment option. The paper—published by famed financial writer and university professor Wu Xiaobo and his team—is meant to decipher China’s middle class and their purchasing, investment, career, family, and value profiles.

For Chinese investors, cryptocurrency is the least popular investment option which is not surprising considering that investing in this type of asset is still far from the mainstream and that trading crypto is banned in China. Bank deposit and wealth management products offered by banks ranked first, according to Wu’s team.

Wu’s team suggests the Chinese middle class is mostly risk-averse. Only 9.2% individuals surveyed responded that they accept an investment loss higher than 15%. Considering the fluctuations of bitcoin and other cryptocurrencies as well as bans on ICOs and cryptocurrency trading in China, it seems unlikely that investment in crypto will rise.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com