Interest in cryptocurrency is showing no signs of slowing down – particularly among women and younger people – according to a new report by Finder.
Finder’s new Finder’s Cryptocurrency Report 2021 takes a deep dive into the state of cryptocurrency in Australia and where it’s heading.
The report provides a detailed snapshot of the rise of cryptocurrency ownership in Australia, why Australians are and aren’t investing and the trends underpinning the future of cryptocurrency.
This follows Finder’s recent announcement to give away up to $100 million worth of Bitcoin to reward Australians for getting vaccinated against COVID-19.
Through the Finder app, any vaccinated member can receive $5 loaded into their Finder Wallet toward the purchase of Bitcoin.
Below are some of the key findings from the report:
Bitcoin prices will continue to grow
- In April this year, Forbes predicted Bitcoin’s price would exceed US$100,000 in 2021, while a Finder panel of experts has predicted Bitcoin will exceed US$300,000 by 2025.
- Over the past 3 years, Bitcoin has been growing at a faster rate than property. If the past 3 years of growth were to continue indefinitely, one Bitcoin would be worth more than the average Australian home by as early as 2045.
Fred Schebesta, founder at Finder, says:
- “I’m a big believer in cryptocurrency like Bitcoin as a store of value.
- “And the technology behind them has proven to work better than our current government-controlled financial system.
- “It’s cheaper and faster to move money, and in some countries, it’s also less volatile.”
Cryptocurrency will become more mainstream
- Each year, a larger percentage of Aussies report owning cryptocurrency in nationally representative surveys:
* January 2018: 5%
* January 2019: 6%
* January 2021: 15% (with 8% more planning to own by end of year)
* June 2021: 17% (with 13% more planning to own by end of year)
- Finder’s research found that more than one-third of Australians (35%) believe Bitcoin will eventually be transacted more widely than fiat currency.
- A further 18% say they would buy digital coins if they knew how to invest, and 15% said they would get involved if it were easier to buy and sell.
Social media will underpin growth
- More than half of Australians (52%) get their news from social media, and the presence of dominant figures, such as Elon Musk, and online forums, such as Reddit, have demonstrated how social media alone can impact cryptocurrency prices.
- When it comes to Elon Musk, the effect is especially strong.
- A Finder survey in May found 56% of Australians incorrectly believe Elon Musk created Bitcoin.
- The chart below shows how Elon Musk’s tweets coincide with Bitcoin prices.
Cryptocurrency trading apps will become the norm
- Cryptocurrency trading is currently seen as being confusing and difficult.
- Consumers want a simple way to buy and sell digital coins without having to understand the intricacies of digital wallets or blockchains.
- Finder’s data shows 15% of Australians already have an app that lets them trade cryptocurrency, and a further 12% intend to get one.
Kate Browne, personal finance expert at Finder, says:
- “Understanding and investing in cryptocurrency can seem intimidating thanks to what seems like complex concepts and the language that goes with it, but the truth is it’s actually much easier than you’d think.
- “As more Australians and especially women look to investing as a way of supercharging their finances, it’s no surprise that crypto is quickly becoming part of the equation.
- “My advice for anyone interested in learning? Jump in. It’s much easier and quicker than you might think, especially with the Finder app which takes the hard work and any beginner’s anxiety away with a few clicks.”
See here for the full report: Finder’s Cryptocurrency Report 2021, which explores the state of cryptocurrency in Australia and trends for the future.