Despite the volatile changes in value that we have seen in Bitcoin this year, new research by Finder shows that Australians are still eager to invest in cryptocurrency. A new Finder survey with just over one thousand respondents has found that 17% of Australians – 3 million people – have now invested in some cryptocurrency. This is an increase from just 12% in January 2021. In addition, Finder’s research also found that women and Gen Z are the fastest-growing demographics taking up cryptocurrency investing.
How to Buy Bitcoin:
Crypto investors looking to join the growing number of people investing in Bitcoin and other cryptocurrencies can buy Bitcoin in Australia at CoinSpot, which is the leading cryptocurrency exchange offering over 200 coins. Reputable crypto exchanges like this are easy to use for beginners and they allow buyers to purchase minimal amounts of various cryptocurrencies using Australian dollars.
Why are More Women and Gen Z Buying Crypto?
The research found that in Australia, around a third of Gen Z now own cryptocurrency, a figure that has significantly increased since January, more than doubling from 15% to 31%. To compare, the number of millennials who have invested in cryptocurrency has decreased over the same period, going from 33% to 24%. In addition, the number of women who are investing in crypto has also increased from just 7% in January to 11% in June, while on the other hand, the number of men who own crypto has decreased to 23% from 29%.
Finder’s personal finance expert Kate Browne said that cryptocurrency has begun to even the playing field when it comes to investment. Despite the value of Bitcoin dropping in recent months, the research carried out by Finder showed that the adoption of crypto in Australia is continuing to grow among these demographics in particular.
What are the Most Popular Cryptocurrencies?
In addition to finding that more women are beginning to invest in cryptocurrency after historically being dominated by men, Finder data also found that Bitcoin remains the most popular cryptocurrency to invest in for Australians, but not by a huge
The survey found that around 9% of Australians have invested in Bitcoin, with 8% buying Ethereum, 5% buying Dogecoin, and 4% investing in Bitcoin Cash. Among those who have invested in crypto, around 30% said that their reason for purchasing it was to diversify their investment portfolio, while 24% gave their main reason for making the investment as the fact that cryptocurrency is growing in value.
On the other hand, 43% of Australians say that they are hesitant to purchase cryptocurrency due to the perception that it is too risky or volatile, while 32% say that they have not purchased cryptocurrency due to a preference to have the money in savings or shares instead. 22% say that they haven’t invested in crypto because they are not sure how to buy it.
Despite falling in value over the past months, more and more Australians are interested in buying Bitcoin, especially women and younger generations.