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Cryptocurrency Users Triple in Australia Since January

Jake Hill
Jake Hill

The Cryptocurrency Users in Australia have been increasing since the beginning of the year. And we hear that the number of cryptocurrency users has been tripled until August.

As reported by Australian local news, There was a survey which was conducted on 2000 people by a firm called HiveEx. The survey concluded that 13.5% of people owned cryptocurrency in August and when done in January only 5 % of people owned cryptocurrency.

There was a study conducted during the survey which states 50% of people who owned cryptocurrency did it as an investment, 34% did it in the FOMO, 26% mentioned they used it to save for retirement. More than a third of people also are known to use cryptocurrency to pay their tax bills. In these people, 80% said they will use cryptocurrency in their day to day purchases if it is easy to use as an Australian dollar.

In the people who don’t use cryptocurrency, 65% of people said they didn’t understand how it works and it is too difficult for them to use it. This shows that still there are people if they learn they will start using cryptocurrency and there are many like that across the country.

Also, Some people are afraid to buy cryptocurrency and one of five people in the survey think its a scam. This is because the number of scams in Australia is increasing related to cryptocurrencies. This generates fear in the people to buy cryptocurrencies because they might have seen their neighbors or someone they know being scammed.

This Study is based on the survey of 2000 people but also gives up information on how the growth of cryptocurrency is increasing among the people in Australia. But also we see somewhere there is a lack of education and awareness on cryptocurrency and if that is done well then the use of cryptocurrency will nevertheless increase.

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australianews

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com