A new report from Finder has concluded that one in six Australians owns cryptocurrency. The results come from a sample of the Consumer Confidence Tracker. They analyze trends among Australians and their purchasing behaviour.
bitcoin in australia
Remarkably, there are twice as many men who use cryptocurrency than women. However, the percentage of women who own crypto rose from 7% in January to 11% in June.
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In contrast, the percentage of men claiming to own cryptocurrency decreased from 29% to 23%. In total, about 17% of Australians own cryptocurrency. 13% also want to make purchases in the next year.
Through this kind of research, they also find out why people invest in digital assets. Value, diversification and FOMO play a major role.
Additionally, earlier this year Finder found that 56% of Australians believe that Tesla CEO Elon Musk is the inventor of Bitcoin.
‘diversification’
Bitcoin has proven to be the most popular cryptocurrency. It is owned by 9% of Australian crypto investors. The largest cryptocurrency is followed by Ethereum (ETH) at 8%, Dogecoin (DOGE) at 5% and Bitcoin Cash (BCH) at 4%.
In addition, 31% of Gen-Z in the country own cryptocurrency. This is the group of people under the age of 24. However, the number of people owning digital currencies has declined among the other generations.
Cryptographic specialist James Edwards of Finder reacts to the conclusions as follows:
“Many Australians now have more and more clearly the benefits that cryptocurrencies, such as Bitcoin, are drawing as a hedge against fiat currency and inflation, as well as the ability to earn interest on assets through things like stablecoins and DeFi on Ethereum.”
Social media is a driving force behind the rise of cryptocurrencies, according to research. More than half (52%) of Australians get their news from social media.
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