According to a recent research and survey, 17% of Australians own some cryptocurrency.

Bitcoin remains the most popular digital asset while Ethereum and Dogecoin are ranked second and third, respectively.

What is the trend of the crypto market in Australia?

Finder’s Consumer Feedback Tracker – a nationally representative survey conducted by Qualtrix Over 1,000 Australians, one in six local citizens has entered the cryptocurrency market.

Most of the respondents answered that they bought cryptocurrency to diversify their portfolio.

While 24% answered that they entered the crypto market because they see its value, while 17% of them answered that they entered the crypto market because of fear of losing (FOMO).

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Men (23%) are twice as likely to own cryptocurrency as women (11%).

However, the percentage of female investors has increased as this figure was only 7% last January.

Taking a closer look at the different age groups, every representative of Generation Z has entered the cryptocurrency market.

Despite losing some of its dominance, bitcoin remains the most popular cryptocurrency among Australians, with 9% saying they have invested in it.

Ethereum is close to the top with 8%, while Dogecoin is following with 5% and Bitcoin Cash at 4%.

Fred Shipista, founder of Finder, praised cryptocurrencies as an emerging asset class that has the potential to transform the global economic web.

Cryptocurrencies like Bitcoin are changing the global financial system and making it fairer for more people.

Despite the volatility, we have seen an amazing growth in the value of Bitcoin, Ethereum and other digital currencies with growing use cases and demand.

The value will likely continue to rise as more use cases and demand grow.

73 percent think bitcoin is a bubble

While Australians may have been intrigued by cryptocurrencies, many are still hesitant to join the market.

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43% of crypto skeptics said the asset class is too risky and volatile, which is why they are not interested in getting into it.

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It appears that knowledge about this issue is low among Australians because 22% responded that they do not know how to buy cryptocurrency.

Notably, 73% of respondents support the assumption that Bitcoin is a bubble that will eventually burst.

63% agreed that the underlying cryptocurrency is purely speculative.

While 1 in 3 believes that Bitcoin has a bright future and that it will eventually surpass fiat currency.

According to the study, social media and online forums are the main sources of information for cryptocurrency investors.

Interestingly, 56% of Australian respondents wrongly believe that Tesla CEO Elon Musk invented Bitcoin.

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