According to recent research, around 73 percent of Aussies say that Bitcoin is a ‘bubble’ that will eventually burst.
This comes despite a radical change in adoption with Australia coming out ahead.
Bitcoin has come a long way in the last few years – for a long time, it was viewed as a “bubble” or better yet a purely speculative asset. But in the last few years, sentiments have begun to change. Bitcoin has shown that it has real intrinsic value in the face of inflation. Just as Satoshi Nakamoto envisioned, Bitcoin has shown strength during the global financial crisis. Despite this, new research has revealed that a majority of Australians still believe that Bitcoin is a bubble that will eventually burst.
Research by comparison site Finder shows that 73 percent of Australians believe that Bitcoin is a ‘bubble’ that will eventually burst. A further forecast reveals that 63 percent of the surveyed think that Bitcoin is a “speculative investment”. This has been evident with investors rushing to buy digital assets when prices are rising, usually in Fear of Missing Out (FOMO). Those who believe that Bitcoin is a bubble expect that it will eventually burst with billions in investment lost.
Although the majority of those surveyed were skeptical of the future, 35 percent said they thought Bitcoin will end up being more popular than fiat currency. Finder finance expert Kate Browne noted;
While only 17% of Aussies own cryptocurrency, twice that amount believe it has a significant role to play in the future of currency,
More than half of those holding this opinion were generation Z, while 45 percent of millennials thought that fiat could be overtaken by Bitcoin in the future. This came as no surprise as the younger generation has been more open to change and reforms in the way governments operate.
Australia increasingly pro-crypto
Although there is skepticism about the future of crypto, Australians are increasingly buying into the industry. Mainstream trading platforms are increasingly adding crypto custody and trading services. The most recent is the online broker SelfWealth. The firm is Australia’s leading non-bank broker with a significant $51.5 billion in AUM.
The firm disclosed that the decision was prompted by a recent survey in which of 3,500 of its 95,000 investors – 30 percent revealed they had already invested in cryptocurrencies while 38 percent planned to do the same in the near future.
We’re excited to announce SelfWealth will add #crypto #investing as we make the transition from a #share #trading platform to a wealth creation platform. Learn all about our plans here!https://t.co/17FQy8xInO
— SelfWealth (@_selfwealth) July 12, 2021
One of the most trusted companies, its integration of crypto will attract new potential customers. The company has already confirmed it will start with 10 cryptocurrencies before the end of the year.
In another positive development, regulators have in recent months sought the opinion of citizens on a Bitcoin ETF. Top regulators have confirmed that Bitcoin seems to satisfy the standards for an ETF. This will further boost Australians’ adoption of the digital asset.
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