Dovey Wan, co-founder of Primitive Ventures, explained that Chinese investors tend to turn to the cheaper, high-earning altcoin market rather than buying 1 Bitcoin. Wan backed up his statement by referring to the monthly income of the Chinese, saying that this situation was quite bullish.
Dovey Wan said in a Twitter post that Chinese investors found Bitcoin expensive and therefore turned to alternative assets. Wan hinted that investors found BTC expensive, saying that 1 Bitcoin was worth 185 thousand CNY. ” 1 BTC is equivalent to the annual salary of those who live in cities such as Beijing, Shanghai, ” Wan said, adding that the annual income of those who receive the best salary in the country is about 1 BTC. While supporting this view, Wan added that 1 BTC would soon be equal to the average annual household income in the United States.
“To me, it’s pretty bullish,” Wan said, adding that Chinese investors are burdened with cheaper and higher-rate assets.
Investors in China could not overcome this mentality
Commenting on Dovey Wan’s comments, one user said: “let them get 0.5 BTC. Bitcoin is not a stock, it is divisible. No one says Get 1 BTC.” said. Similar comments were also shared under the post. “We know that overcoming this mentality is not an easy task.”he expressed it in his word.
Does the Chinese New Year Support altcoin mobility?
There are some predictions in decrypt that Bitcoin performance has fallen and volatility has increased ahead of the Chinese New Year. For the past five years, BTC has seen a decline of between 15-50% in January, and Bitcoin has seen its lowest price level during these periods. The article focused on some predictions about whether this situation, which occurred in January, may have something to do with Chinese New Year. China may be cashing in on Chinese Bitcoins during the new year period, while some analysts have also reported that BTC sales have risen during this period.
The Chinese New Year, which will begin on February 12, 2021, may see activity in altcoin markets if Bitcoin re-leads to price mobility seen over the past 5 years.