Results from a recent study show that the number of Australian citizens with some form of crypto asset holdings has tripled since the beginning of 2018.
The survey was conducted by cryptocurrency trading brokerage HiveEx, which found the number of Australians ‘hodling’ crypto assets to have increased from 5% in January to 13.5% when it was reviewed in August. The survey further revealed that 50% of these individuals had these crypto holdings for investment purposes, whereas 34% said it was due to FOMO, and 26% replied that they were saving for retirement. Over a third of the respondents said that they planned to use cryptocurrency to pay their tax bill, and 80% claimed that they would be happy to use it in their day to day spendings if it were easy to do as in the case of local fiat.
The responses from Australian citizens who did not own any cryptocurrency were not as positive. While 65% of them said this was because they did not understand it or how to use it, one in five said they thought it was either a scam or a bubble.
Growing crypto infrastructure in Australia
One of the country’s youngest self-made millionaires and entrepreneur Fred Schebesta does not think the year’s relatively poor market performance has deterred investors. As a co-founder of HiveEx, he said that interest in cryptocurrency is actually far higher now than during the bull run in the latter part of 2017.
“At its core, you’ve got to remember, just because the price of bitcoin has gone down and people feel angry, that doesn’t reduce the interest,” Schebesta said speaking to a local news outlet. He continued on to compare Bitcoin to gold, speculating that it will continue to be a valued resource, standing the test of time.
Similar to the internet in 1996, Schebesta believes interest levels are ”100% growing.” To help provide for the growing sector, he plans to build what he calls a ”crypto bank of Australia” and offer custodianship, cold storage, escrow and exchange services.
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