SYDNEY (CU)_A recent study conducted by comparison website Finder, one in three Australians believe that cryptocurrencies will eventually be utilised more than traditional currency. Among them, at the forefront are those born between mid-1990s and early 2010s (Gen Z), who are more likely to expect Bticoin to outstrip centralised currency in terms of popularity, followed by Millennials. According to Binance Australia’s COO Sam Teoh, crypto users the Pacific nation tend to be the subversive types, meaning they have lost faith in traditional systems which they believe to be outdated.
“In fact, Australian investors are among the most sceptical in the world, with less institutional trust than countries like the Philippines, India and Nigeria,” he said. “Down under there’s a big appetite for Bitcoin. Australians were among the earliest and most enthusiastic investors, but now they tend to take a more vanilla, conservative approach to their trade portfolio.” He noted that more than 70 per cent Australians say they’ve invested in digital currencies as part of a long-term saving strategy, which is more 16 per cent more than the global average.
Moreover, a recent study conducted by Binance revealed that about one third of Australian participants derive income from these digital assets, with the earnings being a primary source for 6 per cent of them.
However, not all Aussies are optimistic regarding the future of cryptocurrencies, with three in four of them believing Bitcoin to be a bubble that will eventually burst, discovered the Finder survey. These views were particularly widespread among the Baby Boomers. In the matter of the legitimacy of Bitcoin, respondents were split in the middle, with 50 per cent agreeing it to be a worthy investment, although nearly two-thirds claim the popular crypto asset is purely speculative.
“The majority of Aussies are still on the fence about cryptocurrency, and yet more than a third agree Bitcoin will one day become more popular than traditional currency,” money expert at Finder, Kate Browne said. “Despite only 17 per cent of Aussies owning cryptocurrency, more than double that amount believe cryptocurrency has a major role to play in the future of currency.”
