59% of Australian crypto investors bullish on growth

By Dylan Bushell-Embling
Thursday, 30 September, 2021

59% of Australian crypto investors bullish on growth

Nearly two in three (59%) Australians who have invested in cryptocurrency believe its value will continue to grow against the Australian dollar, new research suggests.

A survey commissioned by global crypto platform Gemini found that 63% of Australian crypto investors view it as a valuable asset in a diversified portfolio.

Enthusiasm is particularly high among 25- to 34-year-olds, with 72% citing crypto as a valuable asset compared to 57% for over-55s.

Gemini APAC managing director Jeremy Ng said the findings suggest that crypto is starting to rival gold as a way to hedge against inflation.

“Both cryptocurrency and gold are often seen as ways to hedge against inflation. Gold has historically been considered a safe-haven asset. However, Bitcoin and several other cryptocurrencies have experienced meteoric growth and offer unique, innovative features that make them stand out,” he said.

“Some cryptocurrencies have the potential to benefit investors by creating tools and resources that support the growth and exchange of value outside of traditional financial institutions, without the need for an intermediary. The blockchain technology that underlies crypto can be applied to a large range of industries, beyond simply money and finance.”

The total cypto market cap has already grown to $2.9 trillion — almost one trillion more than Australia’s GDP.

But the research did find that 51% of respondents believe it is too late to invest in Bitcoin at its current price.

Image credit: ©stock.adobe.com/au/Travis

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