It looks like Australia is becoming a super haven for cryptocurrency and blockchain activity. According to a new survey, it appears that roughly 20 percent of the residents of the Great Outback have either owned cryptocurrency in the past or possess it at the time of writing.
Australia and Cryptocurrency Are Becoming Long-Term Partners
The survey comes by way of the Independent Reserve Cryptocurrency Index (IRCI). The platform conducts this survey annually and has discovered that 2020 was the year in which many Australians suddenly began seeing crypto in a whole new light. To be fair, this appears to be the case for most of the world. BTC and cryptocurrencies have become much more than simple, speculative assets. They are now largely considered stores of value or hedge tools that one can potentially be used to keep one’s wealth safe and secure during times of economic strife.
In addition, the survey now confirms that nearly 89 percent of Australians know what bitcoin is. They may not all possess it in digital wallets somewhere, but most of the country has at least heard of it or has some working knowledge of the currency and its respective technology.
The survey explains:
According to the IRCI, 78.2 percent of the survey respondents who did own crypto in 2020 said they were breaking even or better, with only 21.8 percent reporting a loss. The 45-54 age bracket was the most likely to have made money, with more than half in the black. This was a strong improvement on last year, where only 35 percent of their age group increased their wealth through crypto.
The survey also shows that many people’s ideas of bitcoin and its altcoin cousins have heavily improved over the last 12 months. In 2019, it was reported that more than 21 percent of the survey respondents that bitcoin and cryptocurrencies were scam coins to be avoided at all costs. This time, however, that number has fallen to just over 17 percent. That’s an improvement of roughly four percent in one year.
In addition, just under 20 percent of the respondents say they now see bitcoin as a store of value. This is up more than three percent from last year.
The survey further states:
Of those who had intended to buy crypto in 2020 but didn’t, more than a third said their purchasing decisions were directly impacted due to the economic fallout of the COVID-19 crisis.
Still a Few Barricades Here and There
The survey still shows divisions between men and women when it comes to crypto. According to the results, men knew more about additional forms of cryptocurrency than women. The document says:
Beyond the dominant crypto, twice as many men than women knew of other coins such as Ethereum (ETH), [XRP], bitcoin cash (BCH), EOS (EOS) and Litecoin (LTC).