BTC Wires

Australia’s Crypto Holdings Increase Three Folds in 2018

According to a survey conducted by Finder-backed brokerage firm HiveEx, the number of people who are holding cryptocurrencies in Australia has nearly tripled in the year 2018 despite the bear market.

Recently HiveEx conducted a survey of 2000 people and found 13.5% owned cryptocurrencies while this number was at 5% when the same study was conducted by the firm in January. Despite the crash of the cryptocurrency market from the height of the crypto mania, interest for cryptocurrencies is growing at a rapid pace in Australia. According to HiveEx, there are different reasons behind the growing interest in cryptocurrencies in Australia and different people have different purpose behind cryptocurrency investment like

  • 50% respondents are holding cryptos as an investment
  • 34% are holding because of fear of missing out (FOMO)
  • 26% are saving for retirement
  • 65% of those who do not have any cryptocurrency said that they do not understand the concept of cryptocurrency or it is too difficult to use them.
  • One in every five Australian believes that cryptocurrency is a scam. The same numbers of Australian think that crypto is a bubble which will soon bust.
  • Participants who do not hold cryptocurrencies are more interested in bitcoins as their first crypto investment.

The report also states that more than a third Australians are planning to use cryptocurrencies to pay their taxes. In the survey, 80% of respondents reveal that they will like to use cryptocurrencies for their routine purchases if the use of crypto is as easy as Australian Dollars.

The report came just after Goldman Sachs backed away from the plans of launching cryptocurrency trading desk. This week the price of bitcoins has also plunged around $1000 to its current price of $6400. Chief market analyst of ThinkMarkets, Naeem Aslam said that the price of bitcoins is threatening and once again touched the low which is not a good sign. These kinds of situations are creating a feeling of gloom for crypto bulls. The survey also reveals that despite persist bear market, consumer interest in cryptos in increasing and it is at an all-time high.