Cryptocurrency investment in Australia is high, survey
2 min readTL;DR Breakdown
- More Australian investors show considerable interest in Bitcoin and Ethereum.
- The survey recorded over 2000 respondents.
According to a recent survey, many Australians show considerably more interest in cryptocurrency investment than shares — gold and silver. Although, the gap between both parts is not huge.
The survey, which recorded over 2000 participants in the country, showed that cryptocurrency investment is a huge profit. However, there is still a lot of time before the interest in cryptocurrencies will topple the profit-making venture of top shares like gold and silver.
Data from the survey carried out in February showed the comparison between cryptocurrency investment and shares in percentage. According to BTC Markets statistics, more Australian investors invest more in cryptocurrencies, with 12.6 percent of investors involved in cryptocurrency trading, either trading or holding Bitcoin. In contrast, only 12.1 percent of investors own shares of gold and silver.
Even as many Australian investors have shown great interest in cryptocurrencies, it is still far behind the stock market in terms of popularity and investment. Presently, over 63 percent of investors have shares in the stock market, and 28.8 percent invest in the stock exchange, either by mutual trading or trading with professional businesses.
Wanted list: Bitcoin and Ethereum dominate cryptocurrency investment in Australia
A detailed analysis from the survey showed that many Australian investors are more interested in Bitcoin and Ethereum. According to data from the study, 83.2 percent of investors own Bitcoin, while Ethereum possession corresponds to 42 percent. Ripple, Litecoin, and Bitcoin Cash complete the top five most sought-after cryptocurrencies in the country.
Reports suggest that the market crash caused by the COVID19 pandemic in 2020 contributed to the considerable interest in cryptocurrencies. The survey disclosed that one-third of Australia’s investors showed genuine interest in digital currency after the market crash in March. This market crash data obtained from the study is backed by a recent survey in October last year. More participants of the study showed more interest in holding BTC.
Australian investors: Cryptocurrency investment is a long term project
Recently, top cryptocurrencies have increased significantly. However, Australian investors have shown no interest in selling their most prized cryptocurrencies, adding that holding cryptos like Bitcoin and Ethereum is a long-term investment project.
Cryptocurrency investment is a perfect money-making venture in Australia, with over 51 percent of investors declaring their intentions of not selling shortly.
