With the growing prominence of crypto and bitcoin, you will be amazed to know that now one in six Australians now own cryptocurrency. Thus, the total valuation of cryptocurrency as per the holdings is $8 billion.
The full report was posted recently on the consumer sentiment tracker. The survey is an ongoing monthly survey of 1000 nationally representative Australians that is conducted by Qualtrics.
As per the survey, Bitcoin is the most popular cryptocurrency in the country, and almost 9% of Australians are currently holding bitcoin. As per the same survey, it was also found that 5% of Australians own Ethereum and Dogecoin. On the other hand, 4% of the population holds Bitcoin Cash.
Researchers were quite surprised to know that 35% of the respondents believe that bitcoin will be transacted on a wider scale as compared to the traditional currency. This simply means that one in three Australians believe that Bitcoin is going to take over the fiat currency by 2050.
The true believer in Bitcoin grew to 52% among Gen Z. In addition to this, almost 50% of all respondents believed that bitcoin was a legitimate investment.
Men are more attracted to crypto as compared to women. But, the proportion of crypto-owning women increased by 7%.
Out of the people who said that they would own the cryptocurrency, the largest proportion that said that they would do this to diversify their portfolio was 30%. One-quarter of people in Australia said that they were positive about buying crypto just because the value of crypto was going up.
But, the negative trends show that 49% of the respondents were not interested in crypto. Thus, there’s nothing that would want them to invest in crypto. Out of the 49%, 32% of respondents also thought that they would rather buy shares or have money in savings.
Thus, there are mixed responses when it comes to making an investment in crypto.