Recent research shows that almost 5 million Australians will own or already own cryptocurrency in 2021. That is nearly a fifth of the population, putting Australia in the crypto royalty of countries with the highest coverage.
Based on the research, which was done by Finder, Millenials are the dominant investors regarding cryptocurrencies, with Baby Boomers lagging behind them considerably. Almost 44% of all crypto investors, with Baby Boomers at 4%. The rest are split equally between the other age groups.
What pushed this trend?
It’s not necessarily a fact, but many believe that the growth in crypto ownership was accelerated by the pandemic of 2020. Although it could be remembered as a year of great loss, many Australians still saw an opportunity in the waining crypto market and its potential during a world financial crisis. Based on the premises on which BTC was created, it can be said that helping people overcome a financial depression is the main reason or one of the main reasons it was first introduced by Satoshi Nakamoto.
No hard evidence
Sure, the research may show that these numbers are legitimate, but let’s not forget that most of these assumptions are based on statistics rather than hard facts. Finder interviewed a little over 1000 random people in order to paint a very rough picture of the crypto situation in Australia. It can always be a very lucky stroke or just a coincidence that a large majority of people they interviewed turned out to be crypto holders or future crypto investors.
However, hopes are still high for Australia’s crypto debut as citizens are indeed getting more and more acquainted with the blockchain industry every single day.
The fact that 10 BTC is now worth a pretty decent apartment in Sydney was probably motivation enough for millions of Aussies to get their feet wet with blockchain. Especially considering that two years ago, 10 BTC was barely enough for a car, not even mentioning 5 or 6 years ago.
The fact is that Bitcoin has proven its worth and is continuing to grow. All Aussies want right now is to ride the wave and maybe come out with a half-decent apartment at the end of it.
You’ve probably noticed that Bitcoin is the only cryptocurrency being mentioned in the article, and for a good reason too. Around 13% of the survey participants said they own BTC, whether or not the 8% that said they were going to buy something meant BTC is still up for debate.
But for the sake of conclusions, we can safely assume that around 15% of the market goes to BTC at this point. This is quite substantial considering the price differences between BTC and ETH (the second-largest crypto).
Whether or not crypto continues growing remains to be seen, but the fresh addition of new Aussie traders will certainly help it go further.
Image courtesy of CNBC/YouTube