Inside Australia’s blossoming love affair with cryptocurrencies

Highlights

  • In a YouGov survey, it was revealed that more than one-third of potential crypto buyers are millennials.
  • One in five Australians have had exposure to cryptocurrencies at least once, and 14% are still holding cryptos, the survey shows.
  • Due to Australian’s burgeoning love for cryptos, some big corporates are also expected to take a leap of faith with their entry into the Australian crypto world.

With cryptocurrencies exploding in popularity, it is becoming evident that these virtual coins are here to stay for a long time. Australia and its native people are not shying away from joining the trend. According to a new research by YouGov, as many as 4 million Australians are expected to buy purchase a digital currency within the next 12 months.

In the survey, it was also revealed that more than one-third of the population who would potentially be buying cryptos are millennials, while 19% of them are Baby Boomers. More interestingly, the research also concluded that one in five Australians have had exposure to cryptocurrencies at least once at some point, and 14% are still holding cryptos.

Bitcoin (BTC)

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With Australian’s love for cryptos gaining steam, some big corporates are also expected to take a leap of faith with their entry into the crypto world. Very recently, Australia’s BNPL giant Zip Co Limited (ASX:ZIP) announced a roadmap for its merchants in the US to be able to accept payment in Bitcoins. However, the actual date for the rollout of service is undisclosed.

Inside Australia’s blossoming love affair with cryptocurrencies

The company said it will allow its customers to buy, hold, sell and pay using cryptocurrencies through its mobile app. The service is only planned for the US market, however, the company could also make way for its service to the home country, if the crypto trend continues to flourish in Australia. 

Read More: Five DeFi coins charting an upward trajectory

Bottom line

Australian locals have been showing an increasing interest in cryptocurrencies, holding an accumulative value of around US$7 billion. Also, looking at the asset allocation towards these new-age coins, the latest research by YouGov found that an average of 12.5% of the total assets has been invested into cryptos by their owners, with one in ten investors allocating more than 25% towards cryptos.

With Australians taking a shine to cryptocurrencies, companies such as Zip Co could also offer its crypto payment service in Australia (which is planned for the US as of now).  The participation from big companies would further act as a catalyst for the demand for cryptos amongst Australians.   

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