Technology

Report: Australian’s Cryptocurrency Holdings Triple in 2018 Despite Bear Market

Cole Petersen | September 7, 2018 | 7:30 pm
Technology

Report: Australian’s Cryptocurrency Holdings Triple in 2018 Despite Bear Market

Cole Petersen | September 7, 2018 | 7:30 pm

According to a recently conducted survey, the number of Australians who own cryptocurrency has nearly tripled in 2018 alone, signaling that the current bear market is not an accurate signal of interest in cryptocurrency, which is growing at rapid rates.

The new report comes on the heels of Bitcoin plunging nearly $1,000 to its current price of just over $6,400.

The survey was conducted by Finder-backed brokerage firm HiveEx, who surveyed a total of 2,000 Australians, finding that of the sample group, cryptocurrency ownership totaled at 13.5% in August, as compared to 5% in January, reports News.com.au.

HiveEx also found that the reasons behind the growing cryptocurrency ownership vary, with 50% of the surveyed group holding crypto as an investment, 34% holding it because of “fear of missing out” (FOMO), and 26% using it to save for retirement. Notably, more than a third of Australians holding cryptocurrency mentioned that they were planning on paying their taxes using their cryptocurrency.

An important statistic found in the survey is that 80% of respondents said that they would be open to using crypto for their daily purchases on the condition that it was as easy to use as Australian Dollars.

The survey also found that the main reason behind some individuals not holding crypto is due to lack of knowledge. Of those who responded, 65% said that their lack of cryptocurrency ownership can be attributed to lack of understanding or difficulty in use or acquisition. Over 20% of those who don’t hold cryptocurrency also indicated that they believe it is a “scam,” and the same percentage of respondents thought it was a “bubble.”

Other Reports Coincide with Cryptocurrency Ownership Statistics

The HiveEx survey comes on the heels of a SharePost survey that also analyzed cryptocurrency interest and ownership, but on a more international scale. This survey also found that despite a persisting bear market, consumer interest in cryptocurrencies is at nearly an all-time-high.

This survey found that 59% of investors, and 79% of consumers, will be adding to their crypto portfolios over the course of 2018, coinciding closely with the statistics from the HiveEx survey. The report also found that non-crypto holding consumers are mainly interested in Bitcoin as their first crypto investment, while crypto investors are looking towards ETH and XRP as the greatest investment opportunities.

The report notably states that:

“Among cryptocurrencies, Bitcoin has seen a surge in optimism over the past six months. 80 percent of investors and 64 percent of consumers believe Bitcoin offers the most potential for future success. However, enthusiasm for Ethereum decreased during the same period as companies increasingly use their own individual blockchains to launch tokens instead of Ethereum.”

The statistics coming from these reports signal that although the markets are sitting near their year-to-date lows, and sentiment from investors is overwhelmingly negative, the crypto markets are still in their infancy. Investors can find confidence in the fact that interest from “no-coiners” is nearing an all-time high, regardless of the current state of the markets.

Featured image from Shutterstock.
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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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