Cryptocurrency trading in Australia is set to grow 175% in fiscal 2020-21

The latest Bitcoin market report shows that Australian investors are pouring capital into Cryptocurrency in fiscal year 2020-21. Australians are interested in this asset class for a number of reasons, including the growing number of institutions and key players in the market.

Another factor driving their trust in cryptocurrencies is the distribution failure of most traditional asset classes amid the pandemic. Finally, the need for portfolio diversification also contributes to the increased acceptance of cryptocurrency.

Investment base

According to reports, crypto trading grew 175% over the fiscal year. It is noteworthy that Australia has the highest number of investors between the ages of 25 and 44. In contrast, only 2% of crypto investors are 65+ years old.

The source: BTC Markets Investor Study Report FY20-21

It is interesting, however, that older investors tend to place higher initial capital than younger ones. The 18- to 24-year-old investor has an average portfolio size of $ 1,034, while the average portfolio size of the group over 65 for 2020-2021 is $ 5,084.

In terms of gender, the investment community is dominated by men at 77%, while women make up only 23%. According to a recent survey by BlockFi, of which only 9% of women have some understanding of cryptocurrency and only 29% of them are likely to buy.

The average portfolio size for Australian women was $ 2,650 compared to $ 3,049 for men.

Investment decision factor (Cryptocurrency )

More than half of the respondents consider the project’s official report to be an investment decision factor. Currently, the top 5 coins in Australia are BTC, XRP, ETH, LTC and XLM. Interestingly, 23% only keep cryptocurrencies in their basket, while the rest are considering adding other instruments like stocks and bonds.

With financial goals in mind, 70% of Australians want to get rich through investing in crypto, while 28% are looking for portfolio diversification.

The source: BTC Markets Investor Study Report FY20-21

How do you invest?

Now one in six Australians invests with Finder. in crypto report that 15% of Australians have a cryptocurrency trading app. According to AUSTRAC, there are an estimated 400 digital currency exchanges in Australia.

As part of the report, crypto expert James Edwards said:

“If the rate of education continues to rise, combined with easier access to cryptocurrencies, it can be argued that it will become a dominant financial industry by the end of the decade, especially in developing countries.

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