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.
In particular, those living in Shenzhen, China’s tech hub where millions of people work in the fields of technology, finance and the internet, are keen on globalisation concepts and emerging virtual assets. Skyrocketing market values and internet opinion leaders have become driving forces behind their personal dreams.
“Chinese young people are accustomed to using mobile phones to buy stocks and other securities, and to apply for online loans, so it is very easy for young people who have bought investments via the internet to have a go at cryptocurrencies,” said Simon Zhao, associate dean of BNU-HKBU United International College ’s Division of Humanities and Social Sciences.
Li and Yi, in Shenzhen, are among those keen on keeping up with the trend. Li said her monthly income was about 10,000 yuan and she lives in a three-bedroom flat with three roommates who are also speculating in cryptocurrencies. Their overall investment was recently halved, prompting their attitudes on cryptocurrencies to diverge.
Most young people in China don’t pay much attention to the correlations between cryptocurrencies and the price of gold, the US dollar, global inflation expectations, and so on“If we don’t seize it, then we will never have the money to buy an apartment in Shenzhen in our lifetime,” he said, adding that, for this reason, it is quite common to see young people in the city borrow money to speculate in cryptocurrencies.
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