According to a recent research, 17% of Aussies have some cryptocurrency holdings. Bitcoin is still the most popular digital asset while Ethereum and Dogecoin ranked respectively second and third.
What is The Crypto Trend in Australia?
Finder’s Consumer Sentiment Tracker – a nationally representative survey of 1,000 Australians conducted by Qualtrics – revealed that one in six locals had entered the digital asset market.
Most hodlers answered they purchased cryptocurrency assets to diversify their portfolio (30%). Bitcoin and the altcoins going up in value ranked as the second-most popular answer with 24%, while 17% are crypto owners because of fear of missing out (FOMO).
Men (23%) are nearly twice as likely to own digital assets as women (11%). However, the proportion of female investors has increased since the figure stood at just 7% in January. Taking a closer look at the different age groups, every third representative of Generation Z is a hodler. Baby boomers are at the bottom of that statistic with a mere 1%.
Despite losing some of its dominance, Bitcoin is still the most popular cryptocurrency among Aussies, as 9% said they have invested in it. Ethereum is very close to the top with 8%, while Dogecoin (5%) and Bitcoin Cash (4%) follow shortly after.
Fred Schebesta – Finder’s Founder – praised digital currencies as an emerging asset class that has the potential to change the global economic network:
“Cryptocurrency such as Bitcoin is changing the world’s financial system and making it fairer for more people. Despite volatility, we’ve seen incredible growth in value for Bitcoin, Ethereum, and other digital currencies as use cases and demand grows. The value will likely continue to rise as more use cases and demand grows.”
73% Believe Bitcoin Is a Bubble
While Australians might have raised their interest in digital assets, many of them are still hesitant to join the market. 43% of the crypto skeptics said the asset class is too risky and volatile, and that’s why they are not hodlers. Knowledge about the matter seems low among Aussies since 22% answered they don’t know how to purchase digital currencies.
It’s worth noting that 73% of the participants support the assumption that “Bitcoin is a bubble that will eventually burst.” 63% agreed that the primary cryptocurrency is “purely speculative.” Still, every third Australian sees a bright future for BTC and opined that it would eventually overtake fiat currency.
According to the study, social media and online forums are the main sources of information for local crypto investors. They also find dominant figures like Elon Musk as highly influential. What’s more, 56% of Aussies incorrectly believe that Tesla’s CEO invented Bitcoin.