Despite all the ups and downs and huge swings in value, a recent survey established that three quarters of Australians who have invested in cryptocurrency still managed to make a profit off their investment.
In a 12-month period between July 2020 and July 2021, Australians on average made over $10,000 in profit from their cryptocurrency investments. This amount is equivalent to almost two months of the average Australian salary.
All in all, more than three quarters of Aussies made a profit from their crypto investments over the 12-month period, according to research from YouGov, with the average profit adding up to $10,662.
The survey also found that one in five Aussie cryptocurrency holders admitted that they made a massive amount of profits worth over $30,000.
The data showed that Australian parents who had children under the age of 18 living at home were the most likely to make money from their cryptocurrency trading, with 86 percent reporting a profit that added up on average to $12,428.
The survey revealed that, men achieved an average of $11,357 profit on their cryptocurrency over the past 12 months, while women achieved an average of $9,176.
In terms of geographical location, cryptocurrency users in Brisbane were the most likely to report a profit with 83 percent making money, followed by Sydney and Melbourne at 76 percent and then Perth.
Another survey published in October 2021 found that Australia has the third highest rate of cryptocurrency ownership in the world. Australia’s rate of crypto ownership currently sits at 17.8 percent. The global average for all the countries surveyed is 11.4 percent. The survey conducted included the responses of 41,600 individuals from 22 different countries.
Of the nearly 1 in 5 Australian adults who own some form of cryptocurrency, the survey found that bitcoin is the most popular coin with 65.2 percent of Australians who own crypto owning some form of bitcoin, the fifth-highest percentage of all of the 22 countries surveyed.
Ethereum is the second-most popular coin in the country with a share of 42.1 percent among those who own crypto, while cardano was ranked in third place at 26.4 percent.
Two other cryptos Australian crypto owners hold are dogecoin 23 percent and binance coin 14.6 percent.
Why Is Cryptocurrency So Popular?
In recent years cryptocurrency has continued to rise in popularity, here are a few reasons that can explain it’s ever increasing popularity.
Cryptocurrencies Aren’t Associated with World Governments – The fact that cryptocurrencies aren’t associated with a world government means that the price of cryptocurrencies have the potential to remain stable even when there is turmoil in a specific country. A large number of investors believe that cryptocurrency is as a great way to protect your wealth and this is a major reason why cryptocurrency has continued to rise in popularity in recent years. The potential that cryptocurrencies could be safer than some official government currencies is very appealing.
Cryptocurrency Is A Very Secure Form of Payment – We all know how hard cyber security has become in recent years. Protecting your identity and money is super important. Using cryptocurrency to pay for items online is a lot safer than many other traditional payment options. If you’re someone who is worried about cybersecurity issues, then deciding to use cryptocurrency might be a great idea.
Cryptocurrency’s Fees Are Pretty Low – One of the biggest reasons why cryptocurrency is so popular is because there are very few fees associated with using it. When you’re using various other types of online payment options, you often incur large fees. The super low fees that you have to deal with when using various cryptocurrencies will be a much better deal for you. It makes sense for many people to use cryptocurrencies to pay for items online and lots of people also find it to be safe.
There Is The Potential To Make A Lot of Profit – The potential to make a profit is another major reason why people get involved with cryptocurrencies. If you are strategic and purchase bitcoin while it’s at a low price, then you can potentially profit when that price rises. Lots of people who invested in cryptocurrencies before they become super popular end up making huge profits.
It’s Becoming Easier To Use Cryptocurrency – Overtime cryptocurrency has become easier to use, this is due to the fact that more online companies are adopting it. Each year more and more websites are starting to accept cryptocurrencies as payment and this will only become more predominant in the future.
It’s also fascinating to mention that there are now things such as cryptocurrency debit cards popping up in certain places. This might not be widespread right now but it is something that is very much happening.
As cryptocurrency continues to become more mainstream, it’s going to reach more and more people. This results in an increase in the awareness and an overall surge in popularity. More people understand that this is an option now and many of the questions about what cryptocurrency is are being answered. Lots of people nowadays have at least a bit of knowledge about what things such as Bitcoin are and this makes it more desirable.