Shares are the most popular investment option though crypto is catching up in those aged between 25-34, the research revealed
A survey, conducted on behalf of BTC Markets has found that cryptocurrency is a more popular investment than Gold and Silver in Australia. The poll, with a sample size of more than 2,000 Australian investors carried out over February, has concluded that 12.6% of the investors hold cryptocurrencies including Bitcoin, compared to 12.1% who hold precious metals.
However, crypto has a long way to go to catch up to the share market. 63.6% of investors hold shares, with 28.8% investing in either exchange-traded funds or managed funds. Property is also a popular option with over a quarter of investors having invested in some sort of land while 18.8% said they invested in “collectibles”.
Bitcoin and Ethereum, the world’s top two cryptocurrencies by market capitalisation, are the most preferred options for Australians, the survey revealed. 83.2% of the investors who reported holding cryptocurrencies favour Bitcoin and the number is 42% for Ethereum followed by Ripple with 28.5%, Litecoin with 18%, and Bitcoin cash with 12%.
Almost one-third of the cryptocurrency investors made their first investment into cryptocurrency after the global financial market crash in March 2020 due to the COVID-19 pandemic. Another poll from October 2020 backed up this finding, revealing that 39% of respondents found Bitcoin more appealing after the pandemic began last year.
Though cryptocurrencies including Bitcoin have hit all-time highs in recent months, more than 50% of the Australian investors stated that they had no intention to sell their cryptocurrency in the near future. 31% plan to exit within 3 years of holding and of the 49% that are looking to sell, one in five investors intend to reinvest the capital back into crypto.
The survey revealed that the largest demographic of Australian crypto investors are aged between 25-34 followed by those aged between 35-44. 63% of all crypto investors are men and about a quarter of them earn an income of more than $100,000 per year.
BTC Markets CEO Caroline Bowler pointed out that the number of 60 plus crypto investors doubled in the last two years and currently makes up 10% of the platform’s client base.
Explaining this increase in the number of older crypto investors, Bowler said “In the last 12 months, we have seen a shift from 25-45-year-old males to a much broader age group, particularly early retirees who are interested in diversifying their investment portfolio and are catching up with this fastest-growing asset class.”
