The total value of cryptocurrency held by Australians has reached $8 billion, according to a recent survey. According to the survey, one in every six Australians now owns bitcoin.
According to the Finder Consumer Sentiment Tracker, the full information was made available online on September 2. Qualtrics conducts a monthly continuous survey of 1000 nationally representative Australians, and the results are published regularly.
Bitcoin continues to be the most popular cryptocurrency in Australia, with 9 percent of the population currently holding a Bitcoin wallet. According to the survey, approximately 8% of Australians hold Ethereum, 5% own Dogecoin, and 4% own Bitcoin Cash, with Ethereum being the most popular cryptocurrency in the country.
Researchers were astonished to see that 35% of respondents believe that Bitcoin will eventually be used more widely than traditional currency — meaning that one in every three Australians believes that Bitcoin will replace fiat currency by 2050 — according to the study.
The proportion of people who believe in Bitcoin has increased to 52 percent among Generation Z respondents. In addition, 50 percent of all respondents stated that they feel Bitcoin is a real financial opportunity.
Men were twice as likely as women to hold cryptocurrency (23 percent vs. 11 percent), according to the survey. The trends, on the other hand, are in favor of women, with the proportion of women who own cryptocurrency increasing from just 7 percent in January, while the number of males who hold cryptocurrency decreased from 29 percent.
The majority of people who stated that they owned cryptocurrencies did so in order to diversify their investment portfolios, according to the results of the survey (30 percent ). One-quarter (24 percent) of Australian cryptocurrency hodlers stated that they bought cryptocurrency merely because it was “appreciating in value.” This represents a decrease from the previous month’s result of 45 percent.
According to the survey, almost 49 percent of respondents are not interested in cryptocurrencies at all, stating that “nothing would make me want to invest in cryptocurrency,” while 32 percent of crypto abstainers stated that they would “rather buy shares or have money in savings.”
Overall, the most significant deterrent to investing in cryptocurrency is the volatility and perceived danger associated with it. According to the survey, men were more hesitant to purchase cryptocurrency than women (50 percent against 37 percent), which was surprising.
In addition, the difficulty in comprehending how cryptocurrency works is a huge barrier to entry for Australians. 28 percent of those polled said they would invest in cryptocurrencies if they understood how it all worked, and 18 percent said they would invest if they understood how to actually invest in bitcoin.
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This data was highlighted earlier in the year when it was revealed that 56 percent of Australians believe Tesla CEO Elon Musk is the founder of Bitcoin, according to Finder’s findings.
The survey also reveals the impact of global social media influencers on the sentiment toward bitcoin and other cryptocurrencies. In Australia, more than half of the population (52 percent) gets their news from social media sites such as Twitter, which is where many bitcoin industry influencers can be found.