One in six Australians now owns cryptocurrency, with the total value of their holdings being $ 8 billion, according to a recent survey.
The full Finder Consumer Sentiment Tracker report went online on September 2nd. It is a monthly survey of 1,000 nationally representative Australians conducted by Qualtrics.
The country’s most popular cryptocurrency remains Bitcoin, with 9% of Australians currently in hand. Around 8% of Aussies said they own Ethereum, 5% Dogecoin, while Bitcoin Cash is held by 4% of the population, according to the survey.
Researchers said they were surprised to find that 35% of respondents believe that bitcoin will eventually become more traded than traditional currencies – meaning one in three Australians believes that bitcoin will replace fiat currency by 2050 will.
The proportion of Bitcoin believers among Generation Z respondents rose to 52%. In addition, 50% of all respondents said they thought Bitcoin was a legitimate investment.
Men were twice as likely to own crypto as women (23% vs. 11%). However, the trends favor women, with the proportion of women owning cryptocurrencies increasing from just 7% in January while the proportion of men declining from 29%.
Of those who said they owned cryptocurrencies, the largest proportion said they did so in order to diversify their portfolios (30%). A quarter (24%) of Australian hodlers said they bought crypto “because it goes up”. That number fell from 45% in January.
Around 49% of respondents are not at all interested in crypto and responded that “I wouldn’t get anything to invest in cryptocurrency”, while 32% of crypto abstainers said “they are more likely to buy stocks or save money”.
Overall, the biggest deterrent to buying crypto is its volatility and perceived risk. Surprisingly, according to the survey, more men than women (50% to 37%) were reluctant to buy crypto for these reasons.
Another significant barrier to entry for Australians is the difficulty of understanding how crypto works. 28% responded that they would invest in cryptocurrency if they understood how everything works, while 18% said they would invest if they knew how to actually invest.
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Finder’s research was highlighted earlier this year when it reported that 56% of Australians believe Tesla CEO Elon Musk is the founder of Bitcoin.
The report also shows the impact of global social media influencers on crypto sentiment. More than half of Australians (52%) tend to receive messages from social media platforms like Twitter, which are many factors influencing the cryptocurrency market.