Bitcoin remains the most popular cryptocurrency in Australia, currently held by 9% of Australians.
According to a recent survey, one in six Australians now owns cryptocurrency, with total holdings valued at $8 billion.
Key Survey Findings
- Data Source: Finder’s Consumer Sentiment Tracker (September 2023), based on a monthly survey of 1,000 nationally representative Australians by Qualtrics.
Top Cryptocurrencies:
- Bitcoin (9% of Australians)
- Ethereum (8%)
- Dogecoin (5%)
- Bitcoin Cash (4%)
Surprising Trends
Bitcoin Adoption Outlook:
- 35% of respondents believe Bitcoin will eventually surpass traditional currencies in transactional use.
- Gen Z respondents are even more bullish, with 52% endorsing this view.
Gender Gap:
- Men are twice as likely to own crypto as women (23% vs. 11%).
- However, female ownership has risen from 7% (January 2023) while male ownership declined from 29%.
Investment Motivations:
- 30% seek portfolio diversification.
- 24% admit buying crypto "because it’s rising" (down from 45% in January).
Barriers to Entry:
- Volatility & Risk: Main deterrents (50% of hesitant men vs. 37% of women).
- Lack of Understanding: 28% would invest if they grasped how crypto works; 18% cite uncertainty about investment methods.
FAQs
❓ Which generation is most optimistic about Bitcoin?
👉 Gen Z leads with 52% believing Bitcoin will replace fiat currencies by 2050.
❓ Why are fewer Australians buying crypto 'because it’s rising'?
👉 The figure dropped to 24% (from 45%), suggesting more deliberate investment strategies.
❓ What’s the biggest hurdle for crypto adoption in Australia?
👉 Volatility tops the list, followed by complexity (28% struggle with understanding blockchain mechanics).
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