The long-term investors and hodlers of crypto are well aware of the volatility and unpredictability of the crypto market. However, despite these concerns, an increase in the adoption of crypto in Australia has been noted according to a recent study.
Cryptocurrencies have been seen to become increasingly popular amongst Generation Z Australians. SwissBorg and Kraken are some of the best exchanges to purchase BTC or ETH. Whereas, for novice traders, one of the safest exchanges is PrimeXBT Covesting.
The usefulness and importance of crypto assets cannot be denied even though the market is susceptible to sudden ups and downs. The use and prominence of cryptocurrencies are likely to increase with time. Therefore, people looking to step into the crypto space should use secure exchanges and purchase the digital asset they prefer.
Statistics of the Growing Crypto Adoption in Australia
According to a survey, the volatility of digital currencies was a crucial factor for 50% of men and 37% of women to not make any investment.
However, based on the same survey almost a third of Generation Z in Australia now hold BTC. This proportion has statistically doubled since the start of the year.
It was also found that:
- One out of six Australian citizens own crypto (17%)
- There was a 5% increase in crypto owners since the beginning of the year
- 13% of Australians indicated plans of purchasing cryptocurrencies in the coming year
Kate Browne, a financial expert, recently stated that the volatility of cryptocurrencies is an obstacle standing in the way of many people investing in digital assets. She stated:
“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 <..> even with Bitcoin’s price falling in recent months, our data shows cryptocurrency adoption in Australia is growing.”
Browne also continued stating:
“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.”
Therefore, the recent study indicated that despite the risks involved in stepping into the crypto space, digital assets are gaining more and more prominence in the country. Young individuals are more attracted to the digital currency industry and own most of the crypto in Australia.
This is positive news for crypto enthusiasts as the increasing adoption of digital assets in different parts of the world can indicate their inevitable growth and prominence.
New Possibilities for Crypto Investors and Traders?
With cryptocurrencies strengthening their roots all across the globe, it can give rise to new possibilities for crypto investors and traders. Crypto trading offers a different set of benefits, which is why it attracts the attention of a vast audience.
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Therefore, with the increasing adoption of Bitcoin and other digital assets, it can only be imagined what the future holds for the world of crypto.