A recent survey shows an estimated 3.3 million Australians own crypto and 40% of Aussies are still likely to buy in 2021.
According to a survey conducted by Savvy, one of Australia’s largest online financial brokers, 40% of Australians range from “likely” to “extremely likely” to buy cryptocurrency in 2021.
With 17% of respondents saying they currently own crypto, 35% stated that they would like to own some cryptocurrency in the future.
The biggest barrier, according to 79.8% of Australians, it that they feel there should be more safeguards in place and that crypto should be more regulated to protect the consumer.
Younger Generations More Interested in Crypto
Close to a third of Australian crypto owners are Gen Z and 24% are Millennials. Younger generations show much more interest in digital assets and believe they have value. In comparison to traditional assets, 40% of Australian Millennials and 31% of Gen Zs would prefer to invest in crypto rather than property.
This month’s Millionaire Survey conducted by CNBC showed that nearly half of millennial millionaires put at least 25% of their wealth into crypto.
Female respondents expressed a higher interest in learning about the technology compared to men. However, more men than women claimed exceptional or average understanding of cryptocurrencies. Altogether, 71% of Australians either understand or are interested in learning more about cryptocurrency.
How Much are Aussies Investing in Crypto?
Savvy found 15% of Aussies had invested up to $5,000 in cryptocurrency, 2.5% had thrown in $5,000 to $10,000, and the 1% in the upper echelons had invested between $10,000 and $20,000.
This could mean more than 500,000 Australians have sunk at least $5,000 to $10,000 into cryptocurrency. With such heavy investing going on down under, the Australian Tax Office is bound to make sure Aussies are paying taxes.
Cryptocurrency may very well be the currency of the future. It’s time for the wider finance sector to embrace it rather than treat it as a fad, or they’ll be left behind.
Bill Tsouvalas, Savvy Managing Director
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