As the value of Bitcoin (BTC), the flagship cryptocurrency, surpasses its earlier all-time excessive (and just lately breaking previous the $24,000 mark), a brand new report reveals that “attitudes” towards the digital asset are “enhancing” with practically one in 5 or 20% of Australians now “proudly owning some” digital forex.
As talked about in an replace shared with Crowdfund Insider, performed yearly, the Unbiased Reserve Cryptocurrency Index (IRCI) is a nationwide survey providing a benchmark for “the attention, belief and confidence” that Australians have in digital currencies. Bitcoin or BTC stays “the very best recognized” cryptocurrency, with 88.8% of the nation’s residents confirming that they’re (not less than) “conscious of it.”
As famous within the replace:
“In response to the IRCI, 78.2% of the survey respondents who did personal crypto in 2020 mentioned they have been breaking even or higher, with solely 21.8% reporting a loss. The 45 – 54 age bracket have been the more than likely to have made cash, with greater than half within the black. This was a robust enchancment on final yr, the place solely 35% of their age group elevated their wealth by crypto.”
Adrian Przelozny, CEO of Unbiased Reserve, the Australian digital asset trade that initiated the inaugural IRCI in 2019, mentioned that they’re seeing considerably extra conventional and institutional traders “look to Bitcoin as a progress technique.” Przelozny added that “it marries with the attitudinal shift they’ve seen throughout the Australian inhabitants as now virtually two in 5 individuals view bitcoin as a retailer of worth or an funding automobile.”
As crypto strikes into the mainstream, Australian residents shall be “extra inclined to belief it,” in keeping with the replace. In 2020, solely 17.3% of survey respondents mentioned they’ve thought-about Bitcoin to be a “rip-off,” which is down significantly from 21.3% final yr. These numbers appear to mirror a “broader acceptance of the know-how by most of the people.” It’s additionally indicative of “shifting perceptions,” with 19.1% Australians noting that they now “view Bitcoin as a retailer of worth, up from 16.7% in 2019.”
As confirmed within the replace:
“Of those that had supposed to purchase crypto in 2020 however didn’t, greater than a 3rd mentioned their buying selections have been immediately impacted as a result of financial fallout of the COVID-19 disaster.”
Przelozny claims that if it weren’t for the “sobering” results of the Coronavirus disaster, and the downturn affecting dealer and investor urge for food to get into the market, then “it’s straightforward to think about how the value of Bitcoin might have soared even larger this yr.” He additionally talked about that the IRCI 2020 reveals that significantly extra Australian residents are “gaining confidence in crypto.”
As famous within the replace:
“Past the dominant crypto, twice as many males than girls knew of different cash resembling Ethereum (ETH), [XRP], Bitcoin Money (BCH), EOS and Litecoin (LTC).”
Millennials or youthful traders have been virtually twice as probably than the final inhabitants to be “knowledgeable about newer cryptos,” like Chainlink (LINK), a digital token that has change into more and more widespread due to this yr’s pattern towards decentralized finance (DeFi).
The entire 2020 IRCI report might be accessed here.