Bitcoin Australia’s most popular cryptocurrency but falling: Finder research

Risk is the biggest reason why Australians still lack confidence in cryptocurrency, new research has revealed.

Almost half (43 per cent) of Australians who responded to a recent survey said the volatility of cryptocurrency was their biggest deterrent to buying it.

That is a 14 per cent increase on the same answer from a January survey.

Thirty-two per cent of respondents would rather buy shares or have money in savings, while 25 per cent thought cryptocurrencies were overvalued.

The number of Australians who believe cryptocurrency is overvalued has grown by 9 percentage points since the beginning of the year.

Another major shackle for cryptocurrency is knowing how to buy it, with 22 per cent of respondents unsure of where to start.

Reluctance in digital coins also came from not knowing what cryptocurrency actually is (19 per cent) as well as the perception it can’t be used day to day (18 per cent).

Finder personal finance expert Kate Browne said risk continued to be the biggest obstacle for cryptocurrency.

“Like with any investment, there are risks involved with cryptocurrencies,” she told NCA NewsWire.

“But with high risks there is potential for high reward. We encourage buyers to use due diligence and thorough research about cryptocurrencies so they know what they are getting into.”

Of the doubters, cryptocurrency’s volatility turned off more men (50 per cent) than women (37 per cent), while men were also likelier to believe it was overvalued.

However, overall results from the survey suggest cryptocurrency is rising in popularity among Australians – particularly Gen Z.

One in six Australians (17 per cent) now own cryptocurrency – an increase of 5 percentage points since the beginning of the year.

Another 13 per cent said they did not own digital coins but planned to buy them within the next year.

Almost a third of Gen Z now own cryptocurrency (31 per cent), a figure that has doubled since January.

“Even with Bitcoin’s price falling in recent months, our data shows cryptocurrency adoption in Australia is growing,” Ms Browne said.

“It’s great that we’re seeing more women and young people choosing to invest in cryptocurrency.

“There are thousands of businesses across the country that accept Bitcoin as a form of payment and retailers are increasingly accepting payments in Bitcoin, and there are even Bitcoin ATMs and debit cards.”

Bitcoin is still the most popular cryptocurrency, owned by 9 per cent of Australians, followed by Ethereum (8 per cent), Dogecoin (5 per cent) and Bitcoin Cash (4 per cent).

However, Bitcoin ownership has fallen 4 percentage points from 13 per cent in January, according to Finder’s data.

This news is republished from another source. You can check the original article here

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