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Australians Hold $8 Billion Worth of Bitcoin

UTC by Oluwapelumi Adejumo · 2 min read
Australians Hold $8 Billion Worth of Bitcoin
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The researchers also went on to reveal that 35 percent of the responses they gathered showed that the respondents believed that BTC would eventually surpass that of traditional fiat currencies.

Per a study conducted and published by the Finder Consumer Sentiment Tracker, it has been identified Bitcoin as the most popular crypto in Australia and revealed that citizens of the country hold as much as $8 billion in the flagship digital asset. The monthly study surveyed Australians, and as part of its findings, revealed that they preferred Bitcoin to other crypto assets. The research revealed that 9 percent of them hold the crypto king, while 8 percent of them hold the second largest crypto asset by market cap, Ethereum. 

The study continued that the popular meme coin, Dogecoin, is also being held by Aussies. According to the report, 5 percent of them hold it, while 4 percent of them hold the hard fork of BTC Bitcoin Cash.

The researchers also went on to reveal that 35 percent of the responses they gathered showed that the respondents believed that BTC would eventually surpass that of traditional fiat currencies. Thus, this means that one in three Australians believe that Bitcoin would eventually overtake fiat by 2050.

Speaking on Gen Zs, the research declared that they rank amongst the true believers in Bitcoin. According to the study, 52 percent of them are believers. It went on to reveal that half of all the respondents believed that the asset was a legitimate means of investment. It continued that men were more likely to own crypto. 

However, the report revealed that the number of women had increased. In January, the figure stood at 7 percent, it has now increased to 11 percent. That of men stood at 29 percent in January and it has now fallen to 23 percent. 

Nearly a half of the respondents have no involvement in crypto. From among this section of respondents, 32 percent indicated a preference for shares or savings over crypto.

The biggest factors to the total abstinence from buying crypto are volatility, perceived risk, and crypto illiteracy. More men than women (50% to 37%) were reluctant to purchase crypto for these reasons. Some 28 percent of respondents are willing to invest if they understand crypto, while 18 percent said they would invest if they understood how to invest in it.

You would recall that Finder’s research conducted earlier in the year found out that 56 percent of Australians believe Tesla CEO Elon Musk was the founder of Bitcoin.

This new study confirms a Chainalysis report that recently revealed that crypto adoption has grown across the world, with emerging markets across the world leading the surge.

Bitcoin News, Cryptocurrency news, News, Personal Finance
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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