Wednesday, 13 November 2019 10:42

More than half of Australians under 40 will buy cryptocurrencies: claim

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Adrian Przelozny: "Like the property market for the generations before them, younger Australians are seeing cryptocurrency as a method of increasing their overall wealth in the long term.." Adrian Przelozny: "Like the property market for the generations before them, younger Australians are seeing cryptocurrency as a method of increasing their overall wealth in the long term.." Supplied

Cryptocurrency exchange Independent Reserve claims that as many Australians (17%) as own more than one investment property also own digital currencies, and predicts that more than half the population under 40 will own cryptocurrencies in five years.

The findings were part of a study, named the Independent Reserve Cryptocurrency Index, which asked 1000 locals various questions to gauge the level of use and interest in digital currencies. Independent Reserve has been in the business for the last six years.

Independent Reserve chief executive Adrian Przelozny said: “Our inaugural IRCI has shown that cryptocurrency investors in Australia are a far broader group than the stereotypical 'sophisticated cryptocurrencies investor' who sits in front of multiple screens tracking price movements every day.

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"Their goals are also far removed from the mindset of day-traders on the stock market - a quarter of all respondents under the age of 44 are considering using their superannuation to purchase cryptocurrencies.

"Like the property market for the generations before them, younger Australians are seeing cryptocurrency as a method of increasing their overall wealth in the long term. As we see our market continue to mature, we should see the majority of millennials and Gen-Zs owning some cryptocurrency in the next five years, which will truly move us into the mainstream investment category.”

Other findings:

  • Nearly half of cryptocurrency investors spend $100 or less per month (47%);
  • Nearly a third of regular investors spend $100 to $500 per month on cryptocurrency;
  • A majority of Australians (under the age of 44) believe cryptocurrencies will be widely accepted by people and businesses;
  • In five years, the majority of millennials and Gen-Zs will own cryptocurrencies;
  • A quarter of all respondents under the age of 44 are considering using their superannuation to purchase cryptocurrencies; and
  • Bitcoin is the most recognised and owned of all digital currencies in Australia.

The IRCI will indicate the level of maturity of the cryptocurrency market; its current benchmark is 42.

bitcoin2 ind

Explaining what IRCI was meant to convey, Przelozny said: "Well, it’s not just the answer to the ultimate question of life, the universe and everything. In the context of cryptocurrency adoption in Australia, it’s a number that indicates optimism and a maturation of the cryptocurrencies industry. 100 would be full awareness, optimism, trust and adoption. 0 would be a society living under a rock, disconnected from the Internet.”

The study found that those who bought cryptocurrencies comprised 22.1 of males in the country and 11.5% of females. More than a third of millennials and over a quarter of Gen-Z owned digital currencies (35% and 27% respectively).

Disclosure: the writer has invested a small amount in bitcoin with Independent Reserve.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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