A recent survey carried out on 2000 Australian investors revealed that crypto takes the top spot for the number of new investors coming in.
Aussies Love Bitcoin
The poll conducted for Melbourne-based crypto exchange BTC Markets showed that 12.6% of Australian investors hold Bitcoin or other digital assets compared to 12.1% who own precious metals.
The survey showed that most of the investors earned a minimum of $100,000 annually, detailed that most of them came into the crypto market soon after the pandemic began.
Fearing the impact the covid-induced lockdowns may have on the economy, many Aussies bought cryptocurrencies. Bitcoin, with 83.2%, came out as the favorite crypto investment. Ethereum gained 42% in Australia, while XRP, Litecoin, and Bitcoin Cash had 28.5%, 18%, and 12% respectively.
But still, the capital markets rallied, with 63.6% owning shares in stock options and 28.8% investing in exchange-traded funds (ETFs) or regulated funds.
The property market also performed well as 25.8% of investors owned shares while 18.8% confirm that they invested in ‘collectibles.’
The survey also confirmed that Bitcoin’s recent ATHs have made many people see the metered crypto-asset as a store of long-term wealth. 51% of the survey participants admitted that they do not plan on parting with their BTC investments anytime soon, while 31% plan to sell after holding for three years.
Out of those interested in selling their BTC in the nearest future, 49% say they will likely plow back their money into crypto. Another interesting detail in the survey is gender.
Male investors are major players in the Australian crypto industry, with 63% of Aussies actively investing in crypto. 25-34 year-olds Aussie investors lead the pack at 36.3%, followed closely by 35-44 year-olds at 30.1%.
BTC Markets CEO Caroline Bowler commented on the survey results saying older Australian investors were quickly diversifying their investments into crypto. She said investors aged 60+ were purchasing digital assets with the client base ballooning up to 10% in a few short months.
Is The Survey Representative Of Growing Adoption?
The Australian government has been very welcoming of the emerging digital assets class. As far back as 2017, the government made a law that canceled double tax for transactions done with BTC to encourage the fast-growing industry.
Its financial regulatory arm, the Australian Securities and Investments Commission (ASIC), recently declared its support for cryptocurrencies.
In a report by the Australian Financial Review, the securities commission said they were open to allowing Bitcoin exchange-traded funds (ETFs) as long as they are set up to protect investors and comply with set-down regulations.
This statement comes after the commission was accused of discriminating against the emerging industry when it refused to approve a Bitcoin ETF by Cosmos Capital.
Not exclusive to the government alone, an Australian Bitcoin trader Allan Flynn also said he suffered from discrimination in a complaint he filed against two commercial banks – ANZ and Westpac.
According to Allan, he has been a victim of systematic discrimination as the banks in question have shut down his accounts repeatedly without prior notice. Allan, who sought a compensation package of $192,000, said he is unable to continue his business.
This is despite the fact that his crypto exchange business was duly registered with the Australian Transactions Report and Analysis Center (AUSTRAC).