Media Release

Crypto craze: 4.8 million Aussies to own cryptocurrency this year

        • A quarter (25%) of Aussies own or plan to own cryptocurrency by the end of 2021
        • Millennials (44%) are 11 times more likely than baby boomers (4%) to own cryptocurrency
        • Here are our tips for getting started investing in cryptocurrency

9 February 2021, Sydney, Australia – After recent surges in value, Aussies are turning their attention to cryptocurrency, according to a new report by Finder, Australia's most visited comparison site.

A recent survey by Finder of 1,004 respondents has revealed that 25% of Australians either own cryptocurrency or plan to do so by the end of 2021 – equivalent to approximately 4.8 million people.

The survey shows price appreciation is the main drawcard for 45% of those who have purchased cryptocurrencies.

This is followed by 19% who say they want to diversify their portfolio, and 12% who are investing to hedge against inflation.

For 8% of Aussie investors, it was the feeling of FOMO (fear of missing out) that prompted them to invest.

Andrew Munro, Finder's cryptocurrency editor, says that the upward trend towards crypto is likely to continue as Aussies become more savvy with their money.

"Australians took the opportunity to diversify their income during the pandemic, with many now ready to look beyond traditional means for wealth generation.

"The recent cryptocurrency boom attracted a lot of new investors into the space who are excited to add a new stream of income to their wealth portfolio.

"It's particularly encouraging to see younger generations being more engaged with their finances, proving that investing isn't just for hedge fund managers on Wall Street."

Interestingly, the survey found that millennials (44%) are 11 times more likely than baby boomers (4%) to own or plan to own cryptocurrency.

As for what Aussies are buying, the most commonly owned currency is Bitcoin, with 13% saying that they own this, followed by Ethereum at 6%.

A number of lesser known currencies are growing in popularity, with Ripple (5%), Litecoin (4%) and Bitcoin Cash (4%) rounding out the top five.

Munro believes that some of the newer players are likely to become household names in the coming years.

"Five years ago, names like Dogecoin and Ethereum would have held little meaning for those outside the crypto community.

"Now we are seeing these names all over mainstream media, which is likely to make cryptocurrency feel like a more accessible option for budding investors.

"Investing in cryptocurrency has a lot of potential but, as with any investment, that comes with a level of risk.

"Doing the proper research is key to minimising that risk and staying on top of your money."

Do you currently own any of the following cryptocurrencies?
Bitcoin13%
No, but I am planning to buy some cryptocurrency in the next 12 months8%
Ethereum6%
Ripple5%
Litecoin4%
Bitcoin Cash4%
Other1%
No, I don't own any cryptocurrency and I don't plan to buy any in the next 12 months75%
Source: Finder January survey of 1,004 Australians

Tips for getting started investing in cryptocurrency:

  • Compare crypto exchanges. A crypto exchange is where you can buy and sell your cryptocurrency. Finder compares over 50 exchanges to help you find the most suitable platform for your needs.
  • Create an account. Once you have chosen your exchange, you will need to create an account to begin trading. To do this, you may be asked for information such as your email or photo identification.
  • Make a deposit. Now that your account is set up, you can begin depositing money into your account. Crypto exchanges will accept a wide variety of payment methods including bank transfer, PayID, POLi and credit cards.
  • Purchase your currency. You are now able to exchange your funds for cryptocurrency. This process will vary depending on your exchange, but you will need to decide how much you want to buy and finalise the purchase.

###

For further information

Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About Finder

Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.

12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel

Go to site