Bitcoin’s reach has been prevalent across several regions with investors flocking to the cryptocurrency as an alternative store of value. Recently, comparison platform Finder published a survey measuring Australia’s affinity towards Bitcoin and the cryptocurrency market in general. Australians were asked several questions in the survey pertaining to the use cases and effectiveness of Bitcoin in a day-to-day financial structure.
According to the research, one in three Australians believe that Bitcoin will one day be more transacted than fiat currency. A majority of the GenZ participants believed that Bitcoin will overtake central currencies while only 30 percent of GenX believed the same. Bitcoin being a bubble was also a central point in the survey with 73 percent agreeing with the question.
While only 17 percent of Australians owned cryptocurrencies such as Bitcoin, it was still considered a legitimate investment by its holders. Another Finder survey had revealed that a quarter of Australians would accept a part of their salary being paid in Bitcoin. Taylor Blackburn, a personal finance specialist at Finder elucidated on the country’s positive sentiment towards crypto by saying:
“Bitcoin has seen impressive growth in the past year despite its sometimes volatile nature. With more Australians looking for inflation hedges, yield-bearing assets, and alternative investment opportunities, it’s not surprising that these many people are willing to be paid part of their salary in Bitcoin.”
The latest survey looked to include the rise of cryptocurrency exchanges as well. Fifteen percent of the sample space claimed that they use exchanges while 73 percent said they were not planning on getting one. Bitcoin’s dominance in the continent comes as no surprise as the cryptocurrency has also garnered support from other institutions.