A survey of more than 2000 Australian investors has found that cryptocurrency is a more popular investment than gold and silver — but it still has a long way to go to catch up to shares.
The poll, conducted on behalf of BTC Markets over the month of February, found that 12.6% of Aussie investors hold Bitcoin or other cryptocurrencies, compared to 12.1% who hold precious metals.
However, the stock market is by far the preferred in option for investors, with 63.6% holding shares directly and 28.8% investing in either exchange-traded funds or managed funds. Property is also a popular investment (25.8%), while 18.8% said they invested in “collectibles”.
Australian crypto investors heavily favor Bitcoin and Ethereum, with 83.2% holding Bitcoin and 42% holding Ethereum, followed by Ripple with 28.5%, Litecoin with 18%, and Bitcoin cash with 12%.
The research revealed that almost one-third of the cryptocurrency investors made their first investment after the COVID-19 induced market crash of March 2020. This research is backed up by another poll from October 2020, which revealed that 39% of respondents had found Bitcoin more appealing after the pandemic began.
Despite many cryptocurrencies rallying to all-time highs in recent months, 51% of Aussie investors stated they had no intention of selling their crypto soon, with 31% planning to exit after at least three years of holding. Of the 49% who are looking to sell or take profits, one in five investors intend to reinvest the capital back into crypto.
The largest demographic of Aussie crypto investors (36.3%) in the survey were aged between 25-34 with, followed by those aged between 35-44 at 30.1%. Men accounted for 63% of all crypto investors, and one in four earned an income of more than $100,000 per year.
BTC Markets CEO Caroline Bowler noted that an increasing number of older Australians are investing in crypto, with investors 60-plus doubling in number over the past couple of years to make up 10% of the client base:
“In the last 12 months, we have seen a shift from 25-45-year-old males to a much broader age group, particularly early retirees who are interested in diversifying their investment portfolio and are catching up with this fastest-growing asset class.”
The research is broadly in line with other polls, including one in December that found almost one in five Australian adults owned crypto in 2020.
Julia started off her career as a travel blogger, hitchhiking and exploring the world as a nomad. After many years of traveling with little to nothing on her, volunteering, and waiting tables from town to town across Europe and US, she met a crypto trader who opened her eyes to how she can invest and make money with blockchain. Nowadays she is a trader and a blogger, writing about new currencies, NFTs, p2e platforms, and DeFi in general.