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October 3, 2022
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Bitcoin

Bitcoin more popular than gold

A report from the Australian cryptocurrency exchange indicates that Bitcoin (BTC) overshadowed gold in terms of popularity.

Bitcoin more popular than gold

According to a report from the Australian exchange BTC Markets, bitcoin is more popular than gold in Australia. The report was based on a survey of around 2,000 investors. It shows that nearly 12.6 percent of them owned cryptocurrencies, compared to 12.1 percent of those who owned a precious metal.

How reports Motley Fool, nearly one in three cryptocurrency investors made their first investment since March 2020 – a time when stock markets crashed due to the global lockdown.

Interestingly, almost a quarter of those polled said they plan to hold their investments for more than three years.

Another notable finding was that while a year ago most cryptocurrency investors were men aged 24-45, there are now more retirees, high-income individuals, and institutional investors in the investor pool.

When it comes to their economic background, nearly a quarter of cryptocurrency investors earn more than $ 79,000 a year.

Australia and cryptocurrency adoption

Australia is one of the leading countries in terms of the pace of cryptocurrency adoption and creating favorable regulations for the industry.

In June 2020, Digital Asset Centrapay entered into a partnership with Coca-Cola Amatil. This collaboration allowed Australians to purchase drinks from vending machines via cryptocurrencies.

In the same month, an alliance between the Bitcoin.com.au cryptocurrency exchange and Australian Post allowed Australians to purchase BTC from over 3,500 post offices.

The latest results of the BTC Markets study contrast with the results of a similar study conducted by the Reserve Bank of Australia last year. This second survey found that less than 1 percent of Australians were paying for consumer goods using cryptocurrencies.

It’s still not everything. Australia has also started to be interested in the digital currencies of the central bank (CBDC). The Reserve Bank of Australia has teamed up with ConsenSys Software and other financial institutions to begin research into wholesale CBDC.

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