The percentage of Australians invested in cryptocurrency has continued to rise, despite increased market volatility, according to a report from Finder.
According to the report, via The Australian, around 17% of Australians own cryptocurrency, which equates to one in every six people. While this number may seem low, it’s up from 12% earlier this year.
“Even with Bitcoin’s price falling in recent months, our data shows cryptocurrency adoption in Australia is growing,” Finder personal finance expert Browne told News Corp.
“It’s great that we’re seeing more women and young people choosing to invest in cryptocurrency.”
Additionally, statistics show that interest in cryptocurrency has boomed among younger Australians, with 31% of Gen Z survey participants invested in cryptocurrency, and that number doubling since the beginning of 2021.
Despite this, a whopping 43% of Australians cited market volatility as a major reason why they haven’t invested — a 14% rise from January.
However, this increase in hesitation is hardly surprising considering the market has crashed significantly in 2021 after huge growth in the scene overall.
While Bitcoin spiked by a whopping 450% in a six-month period over late 2020/early 2021, the coin — and the market as a whole — has taken some major hits in recent weeks as countries begin to crack down on unregulated currencies.
Additionally, the market has seen major rises and falls as a result of Elon Musk’s erratic Twitter behaviour, which obviously adds to uncertainty among investors.
But despite the recent crash, one-quarter of Finder respondents still believe cryptocurrency as a whole to be overvalued, a figure that’s up 9% from earlier this year.
Interestingly, 32% (nearly one-third) of survey participants said they’d prefer to invest in stocks, or just keep their money in a savings account instead of investing in cryptocurrency.
Meanwhile, 22% of participants still said they’ve got no idea how to, you know, actually BUY cryptocurrency. Naturally, this proves to be quite an issue for potential investors.