Popular

China’s millennials bet on cryptocurrencies in hopes of reaching upper middle class

Share on facebook
Share on twitter
Share on linkedin
Share on email

  • Speculation in bitcoin and other cryptocurrencies is increasingly popular among young adults in China as way to get ahead, and maybe buy a home
  • Even with cryptocurrency trading illegal in China, people are using the internet to buy and sell cryptocurrencies with high risk, but potential for high rewards.

In the past few months, Wendy Li, a 32-year-old independent online content producer in Shenzhen and her boyfriend, Henry Yi, a 29-year-old photographer and video editor, say that they and many of their friends have been riding the wave of cryptocurrency speculation – with all of the ups and downs that come with it.

This surge of interest in cryptocurrencies has been spreading rapidly among China’s millennials and adult members of Generation Z – either through advice from friends or being convinced by online influencers – even as the value of major cryptocurrencies has historically experienced swift rises and falls, including “wild fluctuations” in the recent past.

“Besides us, many of our friends, colleagues and roommates have invested in cryptocurrencies, and the attraction is just so strong that as soon as a friend around you starts doing this, soon several friends in your circle will be tempted,” Li said.

These young Chinese urban dwellers in their twenties and thirties are following the logic of their contemporaries in the United States, South Korea and Japan – that speculating in cryptocurrencies is the last good opportunity to break through class barriers and propel themselves into the upper-middle class.

CONTINUE READING AT CHINA MACRO ECONOMY

Latest

Related Posts

Your Invitation to Submit Your 'Breaking News', 'Latest Business Development' or Desire to Buy or Sell a Business

Hello, Pacific Rim Chamber of Commerce Members,

We are inviting our Pacific Rim Chamber of Commerce Member team of correspondents to submit original news reports and media alerts.  We are confident this information will be useful, accurate and informative. We, also encourage you to re-post these news items on your online platforms.

PacRim CC is also launching a new service that will allow you to buy and sell your small business. This campaign will be launched on February 12, 2021 (02/12/21)

The articles published herein, have been edited and revised to fit our editorial guidelines.  That is,  to provide the Pacific Rim Chamber of Commerce Membership, (comprised of twenty four nations and representing over 400, 000 sole proprietors)  with the news that is compelling and serves to enhance the connectivity between people that are pursuing their dreams and making a  living doing so.

Articles appearing in this website are either original reportage or syndicated news that has been vetted by Mr. Holmes Stoner, Founder of the Pacific Rim Chamber of Commerce and the Pacific Rim Business Council.  The articles printed are arbitrated by Mr. Holmes Stoner. Mr. Stoner, a resident of Marina del Rey, California and an esteemed Ambassador-at-Large throughout the Pacific Rim’s twenty-four nations.

Best attempts are made to provide objective reporting that does not adhere or advance any political line, religious persuasion or advance any sovereign nation over another.   Our goal is to enhance and further a dialogue among peoples around the globe.

As a standing member of the Pacific Chamber of Commerce you and your associates and colleagues are invited to share with your fellow members stories of your achievements, developments in your business, insights on how to improve engagement with other businesses, clients and customers.

You may also use the Pacific Rim CC website as a platform to advance and circulate information that advances environmental conservation, cultural interchange and robust trade with participating members.

Submit your media alerts, press releases, stories, insights or news of your achievements in a Word form document.  Limit your submission to less than 400 words.  Also attach a jpeg photo or illustration and a headline.  Include your company logo or trade mark and submit a publishing fee of $25.USD.  Your article will be featured on the Pacific Rim Chamber of Commerce website within 48 hours after receipt and in some cases aggregated on AdAvenueGroup’s news and media outlets  and publish, proprietary websites and down line of 1.8 million editors, reporters, bloggers and influencers for an additional optional fee.

Email to press@pacrimcc.com.  Attention Cristiane Roget , Senior Editor PacRimcc.com, 310- 220-9118 EST

Purchase Submission  25.00$ – 

PACIFIC RIM CHAMBER OF COMMERCE