According to a recent report, one in six Australians now own cryptocurrency, and their total holdings are worth up to 8 billion U.S. dollars. Polls.
The full report of the Finder consumer sentiment tracker was published online on September 2. This is an ongoing monthly survey of 1,000 nationally representative Australians conducted by Qualtrics.
The most popular cryptocurrency in the country is still Bitcoin, which is currently held by 9% of Australians. According to the survey, about 8% of Australians said they own Ethereum, 5% owned Dogecoin, and 4% of Australians held Bitcoin Cash.
Researchers said they were surprised to find that 35% of respondents believe that Bitcoin will eventually be more widely traded than traditional currencies-which means that one-third of Australians believe that Bitcoin will replace legal tender in 2050.
Among Gen Z respondents, the proportion of Bitcoin believers increased to 52%. In addition, 50% of respondents stated that they consider Bitcoin to be a legitimate investment.
Men are twice as likely to own cryptocurrency as women (23% vs. 11%). However, the trend favors women, with the proportion of women owning cryptocurrency rising from 7% in January, while the proportion of men has fallen from 29%.
Among those who said they own cryptocurrency, the largest percentage said they did it to diversify their portfolio (30%). A quarter (24%) of Australian currency holders stated that they only bought cryptocurrency “because it is rising.” This figure is down from 45% in January.
Approximately 49% of respondents are not interested in cryptocurrency at all. They replied that “nothing makes me want to invest in cryptocurrency”, while 32% of cryptocurrency abstainers said they “would rather buy stocks or save money”.
In general, the biggest obstacle to buying cryptocurrency is its volatility and perceived risk. According to the survey, it is surprising that for these reasons, more men than women (50% to 37%) are reluctant to buy cryptocurrency.
Another major barrier to entry for Australians is the difficulty in understanding how cryptocurrencies work. 28% of people responded that if they understand how cryptocurrency works, they will invest, while 18% said that if they understand how to actually invest, they will invest.
Finder’s research was highlighted earlier this year, when it was reported that 56% of Australians believed the Tesla CEO Elon Musk is the founder of Bitcoin.
The report also shows the influence of global social media influencers on cryptocurrency sentiment. More than half of Australians (52%) tend to get news from social media platforms such as Twitter, where many influencers in the cryptocurrency market can be found.