The recent study by Finder.com.au indicates crypto-related risks as the main barrier to crypto acceptance in Australia.
According to the new study, 43% of residents in the country are skeptical about cryptocurrencies due to volatility. That is a 14% increase from similar responses in a survey carried out in January.
32% of the respondents prefer saving their money or investing in stocks, while individuals that believed digital coins were overpriced accounted for 25%. Moreover, the number of Australians that feel BTC is high-priced increased by 9% since January 2021.
Another thing that blocks Australians from venturing into the crypto market is not knowing how to get virtual coins. 22% of Aussies wondered where to start venturing into the crypto market. Other factors for delayed crypto acceptance in the country are inadequate knowledge on crypto (19%) and speculations that they cannot use digital coins in day-to-day life (18%).
According to Kate Brown, financial expert at Finder, uncertainties remain a challenge blocking crypto adoption in the country. The official stated that cryptocurrencies have their related risks, similar to any investment.
Kate Browne further stated that the high risks could mean high returns. But she advised investors to remain diligent and research before investing. Although BTC plummeted over the past few months, Kate stated that their data indicated increased crypto adoption in Australia.
Young Adults Adopt Crypto
According to the survey, market volatility blocked more males (50%) than females (37%). However, the overall results from the research indicate increased crypto interest among Aussies, predominantly Generation Z.
About a third of the particular generation own BTC, a share that increased more than twofold since January.
Meanwhile, one Aussies (17%) owns crypto in a group of six. That is a 5% surge since the start of 2021. Contrarily, an additional 13% declared that they did not hold cryptocurrencies but planning to buy them by next year.
Browne added that Australia has many businesses accepting BTC payments, and more retailers are considering adding the coin.
Despite most Aussies being skeptical about virtual currencies due to the associated risks, data shows increased crypto popularity in the country, predominantly among the youths.