After a recent report stated that the country had achieved $7 billion in digital coins, experts believe crypto will surpass traditional finance in Australia as early as 2029.
Experts thinks crypto will exceed traditional finance in Australia as early as 2029 after a recent report stated that country had achieved $7bn worth of digital coins. Finder a comparison site recently released its annual crypto report which had some important points in it, including that 31 per cent of Gen Z Australians specifically born after 1997 own some form of crypto. Crypto are virtual or digital form of money which take form of tokens or “coins” using cryptography.
Australian have achieved $7bn worth of crypto with average investor owning $2078 in assets. In total 17 percent of Australians own crypto while a 13 percent are trying to buy it within the next year. Finder survey also found 56 per cent of Australians believed tech billionaire Elon Musk invented Bitcoin. Bitcoin is still the most well-known crypto owned by 9 per cent of Australian crypto investors with Ethereum 8 percent, Dogecoin 5 per cent, and Bitcoin Cash 4 per cent. Finder’s report had a huge detail which stated that at least 31 per cent of Gen Z Australians aged 24 and below own crypto and figure has increased since January.
“Many Aussies are now much clearer on the benefits cryptocurrencies offer, such as Bitcoin being a hedge against fiat currency and inflation, plus the ability to earn interest on assets through things like stablecoins and decentralised finance on Ethereum,” he said. “If the pace of education continues to grow, combined with easier access to cryptocurrencies, we should expect to see it as a dominant financial industry by the end of the decade, especially among younger generations who have never had meaningful access to traditional finance.”
“As the technology develops and there are easier ways to access it like in the finder app where you can buy Bitcoin and Ethereum in a few clicks I believe the growth in Cryptocurrency will explode,” he said.