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Young Australian Investors Drive Increased in Bitcoin

Younger Australian investors push the country's rising ownership of crypto

Younger Australian investors, followed by increasing contributions by high-end crypto holders, are pushing the country’s growing crypto ownership, a recent survey revealed.

In its Independent Reserve Cryptocurrency Index 2020 survey, 18.4 percent of respondents said they own some sort of cryptoasset, up from 16.8 percent in 2019, Independent Reserve (IR), an Australia and New Zealand-focused crypto exchange with about 150,000 clients, said. The poll of 1,100 “everyday Australians” was carried out by PureProfile, a market polling agency.

 Most of the ownership increase was guided by the 25-44-year-old respondents, according to IR. “We need to find new ways to bring people into the industry, remembering that inclusion was one of the original principles of Bitcoin,” Adrian Przelozny, CEO of IR, was quoted as saying in the report.

And it looks like this year’s coronavirus pandemic was among the hurdles to having more crypto users on board.

Although several other studies indicated that the pandemic had a greater effect than first thought on the American bitcoin (BTC)-buying group, the Australian survey showed that 34% of those respondents who expected to buy crypto in 2020 did not continue with the transaction because they were either directly influenced by the economy or because of the confusion it caused.As reported, younger Australians are more likely to believe that crypto will be widely accepted in the future. At the same time, 25-34-year-olds are three times more likely to worry about the effects of quantitative easing, or intensified money printing by the Reserve Bank of Australia on their financial future than 55–64-year-olds.

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