Crypto Is Set To Dominate Australian Financial Industry In Less Than 10 Years
September 05 2021 - 1:00PM
NEWSBTC
Crypto experts have said that Australia’s finance industry is set
to be dominated by cryptocurrency by 2029. Finder’s annual
cryptocurrency report shows that crypto is set to replace the
traditional finance industry in Australia. The Finder’s report
brought to light some interesting facts about cryptocurrency
adoption in the country. These, experts say, put it on track for
widespread adoption in the country. Australians Are Turning Their
Attention To Crypto In Australia, 17% of the population have said
that they own some kind of cryptocurrency. The most popular being
the top coins like Bitcoin and Ethereum. A further 13% of
Australians said that they plan to purchase and own crypto within
the next year. A reported 9% of Australians surveyed said they
owned bitcoin. While 8% said that they hold Ethereum. Dogecoin came
in third with 5% saying they held the meme coin. And Bitcoin Cash
was held by a reported 4% of the people surveyed. Related Reading |
Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss The
biggest group that held the most crypto was Gen Z. Gen Z are
classified as people who were born starting the year 1997 to the
present. Which puts the oldest Gen Zs at 24 years old. 31% of this
group confirmed that they held some type of cryptocurrency. Showing
a growing trend among young people who are more inclined to invest
in digital assets than in traditional assets. Compared to the
younger group, crypto ownership is down among older investors. “If
the pace of education continues to grow, combined with easier
access to cryptocurrencies, we should expect to see it as a
dominant financial industry by the end of the decade. Especially
among younger generations who have never had meaningful access to
traditional finance.” Cryptocurrencies Set To Explode The impact of
cryptos on most economies in the world cannot be understated. Still
only in its early stages, crypto has resonated with millions of
people around the world. Countries with weaker currencies have seen
more adoption. As citizens use cryptocurrencies as an alternative
store of value compared to their fiat currencies. Traditional
finance products now have to face an even bigger threat,
decentralized finance. With fewer young people getting exposure to
traditional financial markets, they are turning to the crypto
market as a way to invest. Its ease of use and complete ownership
of the assets have often been cited as the major reason for
investing in the assets. And this is why young people are drawn to
it. Related Reading | New To Bitcoin? Learn To Trade Crypto With
The NewsBTC Trading Course “As the technology develops and there
are easier ways to access it, like in the Finder app where you can
buy Bitcoin and Ethereum in a few clicks, I believe the growth in
cryptocurrency will explode,” said James Edwards, Finder’s
cryptocurrency expert. Edwards went on to add, “Many Aussies are
now much more clear on the benefits cryptocurrencies offer, such as
Bitcoin being a hedge against fiat currency and inflation. Play the
ability to earn interest on assets through things like stablecoins
and decentralized finance on Ethereum.” Crypto total market cap
heading towards $2.3 trillion | Crypto Total Market Cap on
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