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17% Of Australians Now Own Crypto

Bitcoin remains Australia’s most popular cryptocurrency, with 9 percent of Australians holding it.
According to a recent survey, one in every six Australians now owns cryptocurrencies, with the entire value of their holdings totaling $8 billion.

 

Bitcoin remains Australia’s most popular cryptocurrency, with 9 percent of Australians holding it.
According to a recent survey, one in every six Australians now owns cryptocurrencies, with the entire value of their holdings totaling $8 billion.

On September 2, the full report of the Finder Consumer Sentiment Tracker was made available online. Qualtrics conducts a monthly continuous poll of 1000 nationally representative Australians.
With 9 percent of Australians holding Bitcoin, it is the most popular cryptocurrency in the country. Around 8% of Australians said they own Ethereum, 5% said they own Dogecoin, and 4% said they own Bitcoin Cash.

Researchers were startled to learn that 35% of respondents believe Bitcoin will be used more widely than traditional currency in the future, implying that one in every three Australians believes Bitcoin will replace fiat currency by 2050.

 

 

 

 

 

The percentage of Gen Z respondents who believe in Bitcoin has risen to 52 percent. Furthermore, 50% of all respondents believe Bitcoin is a legitimate investment.
Men were twice as likely as women to hold cryptocurrency (23 percent vs. 11 percent). The trends, however, are in favour of women, with the percentage of women who own cryptocurrency increasing from just 7% in January to 29% now, while the percentage of men owning cryptocurrency has decreased from 29%.

 

The majority of respondents who stated that they owned cryptocurrencies did so in order to diversify their investments (30 percent ). One-quarter of Australian hodlers (24%) said they bought crypto just “because it’s going up.” This is a decrease from January’s figure of 45 percent.

Around 49 percent of respondents said they aren’t interested in crypto, saying “nothing would make me want to invest in cryptocurrency,” while 32 percent said they would “rather purchase shares or have money in savings.”

 

Overall, the most significant barrier to purchasing cryptocurrency is its volatility and perceived danger. Surprisingly, men were more hesitant to buy cryptocurrency than women (50 percent vs. 37 percent).

 

Another important barrier to entrance for Australians is the difficulty in understanding how crypto works. Twenty-eight percent said they would invest in cryptocurrencies if they had a better understanding of how it all worked, while 18 percent said they would if they knew how to really invest in it.