According to a recent survey, 17% of Australians own cryptocurrencies. BTC is still the most popular digital asset, while ETH and Dogecoin ranked second and third.
Every sixth Australian owns cryptocurrencies
Finder’s Cryptocurreny Report is the result of a survey of 1,000 Australians each month from May 2019 to the present. Implemented by Qualtrics and the Finder platform, it revealed that one in six locals has entered the digital asset market.
Most evaluators replied that they had purchased assets to diversify their portfolio (30%). The value of BTC and altcoins that are growing was ranked as the second most popular response with 24%, while 17% are owners of cryptocurrencies due to FOMO.
The share of female investors increased from just 7% in January to 11%. At a closer look at the different age groups, every third representative of the gen Z is Hodler. Baby boomers are at the end of this statistic with only 1%.
Despite losing some of its dominance, BTC is still the most popular cryptocurrency among Australians, with 9% saying they have invested in it. ETH is very close to the top with 8%, while Dogecoin (5%) and BTC Cash (4%) follow shortly after.
Fred Schebesta – the founder of the Finder – praised digital currencies as an emerging asset class that has the potential to change the global economic network:
“Cryptocurrencies like BTC are changing the world’s financial system and making it fairer to more people. Despite the volatility, we have seen incredible growth in the value of BTC, Ethereum and other digital currencies as use cases and demand grow. The value is likely to continue to rise as the number of use cases grows and so does demand. ”
73% believe that BTC is a bubble
Although Australians have increased their interest in digital assets, many are still hesitant to invest in cryptocurrencies. 43% of respondents said that the asset class is too risky and volatile and therefore not worthy. Knowledge of this issue seems low among Australians, as 22% said they did not know how to buy digital currencies.
It is worth noting that 73% of participants support the assumption that “BTC is a bubble that will eventually burst.” 63% agreed that the primary cryptocurrency was “purely speculative”. Nevertheless, one in three Australians sees a bright future for BTC and believes that it will eventually overtake fiat currencies.
According to the survey, social media and online forums are the main source of information for local crypto investors. Dominant characters like Elon Musk are also considered very influential. What’s more, 56% of Australians mistakenly believe that BTC was invented by Tesla’s CEO.