In its annual report on cryptocurrencies, the comparison site Finder reports that around 31% of Australians born after 1997 already have digital assets.
A total of $7 billion is what Australians have in cryptocurrencies, including Australians believe that Elon Musk invented Bitcoin (BTC).
Finder revealed, 56% of Australians believe that Elon Musk, engineer, billionaire and simply the most famous crypto-meme lover in the world, invented Bitcoin.
In fact, only 9% of respondents have the purported Musk creation, 8% prefer Ethereum (ETH) and only 5% and 4% of crypto enthusiasts support Dogecoin (DOGE) and Bitcoin Cash (BCH), respectively.
The biggest finding is that nearly 31% of Generation Z Australians (24 and under) have digital assets, and that number has more than doubled since January. However, the degree of interest in cryptocurrencies among other age groups has, on the contrary, decreased.
According to News.com , James Edwards, Finder’s expert on digital assets, said this Generation Z behavior is a sign of rejection of traditional finance, based on bold predictions about the future of this market:
“Many Australians are now much clearer about the benefits that cryptocurrencies offer, like Bitcoin being a hedge against fiat money and inflation, plus the ability to earn interest on assets through things like stablecoins and decentralized finance on Ethereum” , he said.
The expert also added:
“If the pace of education continues to grow, combined with easier access to cryptocurrencies, we should expect to see it as a dominant financial industry by the end of the decade, especially among younger generations who have never had meaningful access to traditional finance. ”
The Finder report also emphasizes that social media will contribute to the growth of cryptocurrencies.
It looks like the future of cryptoactives is in the hands of Generation Z, and their extensive use of social media will facilitate the popularization of digital assets.