2.9 million Australians are already trading cryptocurrency on their phones, with many expecting bitcoin to become a currency that can be used in daily life.
According to a new study by the comparison website Finder, one in three Australians believe bitcoin will be used more than traditional currency in the future.
However, three out of four Australians, particularly Baby Boomers, believe bitcoin is a bubble that will eventually collapse, according to the Finder survey.
Millennials are the most likely to believe bitcoin will overtake centralized currency in popularity, followed by Gen Z (those born between the mid to late 1990s and the early 2010s).
According to a recent study by Binance, approximately a third of Australians surveyed earn money through cryptocurrency, with 6% using it as their primary source and 29% using it to supplement their income.
Australian crypto users, according to Binance Australia’s chief operating officer Sam Teoh, are disruptive types who have lost faith in traditional systems.
“In reality, Australian investors are among the world’s most skeptical, with lower institutional trust than nations such as the Philippines, India, and Nigeria,” he said.
“Bitcoin has a strong following down beneath. Australians were among the first and most enthusiastic investors, but they now prefer to keep their trade portfolio simple and conservative. Over 70% say they invest as part of a long-term savings plan, which is 16% higher than the global average.”
A bubble about to pop However, three out of four Australians, particularly Baby Boomers, believe Bitcoin is a bubble that will eventually collapse, according to the Finder survey.
In terms of bitcoin’s validity, respondents were split down the middle, with 50% thinking that it is a worthwhile investment.
Despite this, roughly two-thirds of respondents believe bitcoin is entirely speculative.
According to Finder money expert Kate Browne, “the majority of Australians are still on the fence about cryptocurrency, and yet more than a third say bitcoin will one day become more popular than traditional currency.”
“Although only 17% of Australians hold bitcoin, more than twice as many believe it will play a significant role in the future of money.”
According to the study, 15% of Australians have a bitcoin trading app, and another 12% plan to obtain one, totaling 2.9 million users.
A bitcoin trading app is used by twice as many men as it is by women.
“Cryptocurrency trading apps appeal because they are straightforward to use and provide a simple way to purchase and sell coins without having to be an expert,” Ms. Browne continued.
According to the Binance Australia report, 62 percent of Australians regard crypto to be a pastime, compared to just 14 percent of the global population.