Bitcoining the bill: 1 in 3 Australians think BTC could surpass AUD
Despite its recent volatility, millions of Australians believe Bitcoin will eventually be transacted more widely than traditional currency, according to new research by Finder.
The nationally representative survey of 1,012 Australians asked respondents whether they agreed with various statements about Bitcoin.
The research revealed that 1 in 3 Australians (35%) believe Bitcoin will eventually be transacted more than fiat (traditional) currency.
Gen Z (52%) are the most likely to believe Bitcoin will outstrip centralised currency in popularity, followed by millennials (45%) and gen X (30%). Baby boomers (17%) are less inclined to agree.
The survey also found 3 in 4 Aussies (73%) think Bitcoin is a bubble that will eventually burst.
Kate Browne, personal finance expert at Finder, said the results were particularly interesting given that the majority of Aussies are still on the fence about cryptocurrency.
"While only 17% of Aussies own cryptocurrency, twice that amount believe it has a significant role to play in the future of currency."
Respondents were evenly split on whether or not Bitcoin is a legitimate investment (50%).
Nearly two-thirds (63%) say they think Bitcoin is purely speculative.
According to Finder's research, 15% of Australians have an app that lets them trade cryptocurrency and a further 12% intend to get one.
That's equivalent to 2.9 million Aussies already trading cryptocurrency from their phones.
Men (20%) are twice as likely as women (10%) to be using a cryptocurrency trading app.
Browne said buying crypto is no longer just for the early adopter.
"The Finder app is the first app in Australia that lets users sign up and buy Bitcoin or Ethereum within minutes, without the need for keys or codes."
| Do you agree with the following statements about Bitcoin? | Agree | Disagree |
|---|---|---|
| Bitcoin is a bubble that will eventually burst | 73% | 27% |
| Bitcoin is a legitimate investment | 50% | 50% |
| Bitcoin is purely speculative | 63% | 37% |
| Bitcoin will eventually be transacted more widely than traditional currency | 35% | 65% |
| Source: Finder survey of 1,012 respondents, June 2021 |
| Do you have an app that lets you trade cryptocurrency? | |
|---|---|
| No, I don't have a cryptocurrency trading app and I don't plan to get one | 73% |
| Yes, I have an app that lets me trade cryptocurrency | 15% |
| No, I don't have a cryptocurrency trading app but I plan to get one | 12% |
| Source: Finder survey of 1,012 respondents, June 2021 |
Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.