9% of Australia’s Population Own Bitcoin
Bitcoin is not only the most popular digital asset in the world but is also the most owned in the whole of Australia as about 9% of the country have this crypto asset. And this is according to a recent survey conducted. The total price of Bitcoin assets owned by people in Australia is about $8 billion. And this implies that one out of six individuals has Bitcoin. This speaks volumes as to the extent to which crypto is being adopted in the country. Bitcoin was discovered to be the crypto token owned by most Australians after a monthly survey of the cryptocurrencies in the country.
Its presence in the country is highly visible as it is being accepted in various financial houses and institutions in the country. About 8% of Australians have ETH while another 5% have Dogecoin in their wallets. For Bitcoin Cash, 4% of the country has this coin in their possession. Amazingly, the ownership of these digital assets is not restricted to the younger population alone as ownership is distributed across all ages.
Australia’s adoption of cryptocurrency is quite high and there are expectations that cryptos might replace fiat currency altogether in the coming years. According to the results of the survey, about 35% of the persons who responded believe that cryptocurrency would soon be used more than regular currency. This implies that one in three Australians expect Bitcoin to replace regular money in 2050 pointing out how the country’s economy transacts with crypto. Presently, the percentage of Bitcoin’s backers in Australia has risen to about 52% while 50% of the country’s population believe that the token has many prospects and promises.
Cryptocurrency and Australia’s economy
Australia’s economy receives massive contributions and support from cryptocurrency exchanges and transactions. Most individuals in the country own investments in various tokens taking it as an opportunity to diversify their income and earnings. There are however barriers and deterrents to the adoption of crypto in the country. The major challenge is the volatility of the crypto market which largely discourages individuals from buying or owning crypto assets. Having considered this, about 49% of the country’s population abstain from crypto dealings or involvement and prefer to purchase stocks or simply put their money in their savings.
Another major obstacle is the fact that most people find it difficult to comprehend how crypto investments operate. Most people that have an interest in crypto do not know how cryptocurrency works and have no idea how to do so. A large percentage of Australia’s population does not have adequate knowledge of crypto as most of their crypto education comes from social media platforms.
However, even with the several challenges facing the crypto economy, investors are optimistic about the future of crypto, expecting it to be a suitable replacement for fiat currency in the coming years.
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