Instead of cash or cards, Australians are considering giving cryptocurrency to loved ones for Christmas this year.
A new study of 2,000 Australians aged 18 to 59 who have used cryptocurrency in the previous 12 months found that 26% are considering gifting digital currencies rather than cash.
According to Karl Mohan, General Manager APAC at Crypto.com in Melbourne, crypto coins such as Bitcoin and Ethereum, as well as NFTs (non-fungible tokens), are gaining popularity.
‘Like any gift, you should not gift crypto to someone who would not appreciate it – but beyond that, there are technically no restrictions on who you can give crypto to,’ Mr Mohan explained.
In reality, donating cryptocurrency allows you to teach and illustrate its worth of it.
It would be wise to gift it to those who are willing or interested in learning more about the digital trend.
Over half of those polled (53%) would consider purchasing Bitcoin and Ethereum, while 41.8 percent would consider purchasing coin vouchers and 29.2 percent would consider NFTs.
‘The uniqueness of crypto gifts is that one can purchase a fraction of a crypto token to match affordability,’ Mr Mohan said.
‘For example, the smallest unit in Bitcoin is known as a ‘Satoshi,’ and it is one hundred millionth of a Bitcoin (0.00000001).
If you’re thinking about buying a crypto present, you can consider buying in increments of this fraction to fit your affordability and reasonableness.