Finder reports on the state of cryptocurrency in Australia and trends for the future.
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Key takeaways
In 2021, 35% of Australians believed Bitcoin would be more widely transacted than fiat currency.
Finder experts in 2021 predicted Bitcoin could exceed US$300,000 by 2025.
Social media influencers like Elon Musk significantly impacted Bitcoin prices in 2021.
Finder's Cryptocurrency Report 2021
Cryptocurrencies are changing the world's financial system. Despite volatility, Bitcoin, Ethereum and other digital currencies have seen incredible growth as use cases and demand grow, and experts predict cryptocurrencies will become increasingly prominent in global financial markets. More and more Australians are interested in owning cryptocurrency, with strong growth among women and young people.
Finder's Cryptocurrency Report 2021 explores the state of cryptocurrency in Australia and where it's heading. Using data from Finder's Consumer Sentiment Tracker, we explore the rise of cryptocurrency ownership in Australia, why Australians are and aren't investing and the trends underpinning the future of cryptocurrency. We delve into where Bitcoin prices are heading, the relevance of social media to digital currencies and the emergence of trading apps to help beginners start investing.
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.
Cryptocurrency will become more mainstream: Finder's research found that more than one-third of Australians (35%) believe Bitcoin will eventually be transacted more widely than fiat currency.
Cryptocurrency trading apps will become the norm: Finder's data shows 15% of Australians already have an app that lets them trade cryptocurrency, and a further 12% intend to get one. Among these, the Finder app lets users sign up and buy Bitcoin or Ethereum within minutes, without the need for complex keys or codes.
Social media will underpin growth: More than half of Australians (52%) get their news from social media, and the presence of dominant figures – like Elon Musk, and online forums – like Reddit, have demonstrated how social media alone can impact cryptocurrency prices.
Sophie Wallis is a senior insights analyst with a passion for data storytelling. She spends her time turning complex data into digestible stories and uncovering new consumer trends. When she isn't working, you'll find her planning her next overseas holiday or bingeing on a big novel. Sophie has a Bachelor of Economics from the University of Melbourne.
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Every three months, Finder empanels a range of industry specialists to get a pulse on what the future holds for crypto. This is a summary of those findings.
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Cryptocurrencies are changing the world's financial system. Despite volatility, Bitcoin, Ethereum and other digital currencies have seen incredible growth as use cases and demand grow, and experts predict cryptocurrencies will become increasingly prominent in global financial markets. More and more Australians are interested in owning cryptocurrency, with strong growth among women and young people.
