Australians Have Invested $8bln in Cryptocurrencies
According to a recent study, one in every six Australians now owns cryptocurrencies, with the entire value of their investments totaling $8 billion. On September 2, the complete report of the Finder Consumer Sentiment Tracker was made available online.
Qualtrics conducts a monthly continuing poll of 1000 nationwide survey of Australians. Bitcoin remains the most popular crypto in the nation, with 9% of Australians presently holding it. As per the study, about 8% of Australians have Ethereum, 5% have Dogecoin, and 4% have Bitcoin Cash.
Academics were startled to discover that 35% of participants believe Bitcoin would ultimately be traded more extensively than conventional money, implying that one in every three Australians believes Bitcoin will replace fiat currency by 2050.
Between many Gen Z respondents, the percentage of Bitcoin supporters increased to 52%. Furthermore, half of those surveyed said they think Bitcoin is a genuine asset. Men were two times more likely to possess cryptocurrency (23 percent vs. 11 percent).
Nonetheless, the patterns benefit women, with the percentage of women holding cryptocurrency rising from 7% in January, and the proportion of males falling from 29%. The majority of individuals who stated that they held bitcoin stated that they did so to diversify their investments (30 percent ).
One-quarter (24%) of Aussie hodlers said they bought cryptocurrency merely “because it’s going up.” This number has decreased from 45 percent in January.
Approximately 49 percent of respondents are uninterested in cryptocurrencies, stating that “nothing else would persuade me to participate in cryptocurrency,” while 32 percent would “somewhat more purchase shares or have money saved up.”
As a whole, the most significant barrier to purchasing cryptocurrency is its volatility and perceived danger. As per the study, males were more hesitant to purchase cryptocurrency than women (50 percent vs. 37 percent).
Another major obstacle to entrance for Australians is a lack of knowledge of how cryptocurrency works. 28 percent said they would buy cryptocurrencies if they grasped how it all functioned, while 18 percent said they would participate if they knew how to do so.
Finder’s study was highlighted earlier this year when it revealed that 56% of Australians think Tesla CEO Elon Musk is the creator of Bitcoin. The study also shows the impact of international social media influencers on cryptocurrency opinion. Over half of Australians (52%) receive their information from social media sites such as Twitter, which is home to many bitcoin industry influencers.