Crypto Set To Dominate Australia’s Financial Industry In Less Than 10 Years

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Crypto experts have said the Australian financial industry is expected to be dominated by cryptocurrency by 2029. Finder’s annual cryptocurrency report shows crypto is poised to replace the traditional financial industry in Australia. The Finder’s report shed light on some interesting facts about cryptocurrency adoption in the country. These, experts say, put it on track for widespread adoption in the country.

Australians turn to crypto

In Australia, 17% of the population reported owning some kind of cryptocurrency. The most popular being the best coins like Bitcoin and Ethereum. 13% of Australians said they plan to buy and own crypto in the next year. A report of 9% of Australians surveyed said they owned bitcoin. While 8% said they own Ethereum. Dogecoin came in third with 5% claiming they own the coin itself. And Bitcoin Cash was owned by 4% of those surveyed.

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The largest group that held the most crypto was Gen Z. Gen Z is ranked among those born from 1997 to present. Which puts the oldest Gen Z at 24 years old. 31% of this group confirmed that they hold some type of cryptocurrency. Show a growing trend among young people who are more inclined to invest in digital assets than in traditional assets. Compared to the younger group, crypto ownership is declining among older investors.

“If the pace of education continues to grow, combined with easier access to cryptocurrencies, we should expect to see it as a dominant financial industry by the end of the decade. Especially among the younger generations who have never had significant access to traditional finance.

Cryptocurrencies ready to explode

The impact of cryptos on most of the world’s economies cannot be understated. Still only in its infancy, crypto resonated with millions of people around the world. Countries with weaker currencies have seen more adoption. As citizens use cryptocurrencies as an alternative store of value compared to their fiat currencies. Traditional financial products now face an even greater threat, decentralized finance.

With fewer young people exposed to traditional financial markets, they are turning to the crypto market as a way to invest. Its ease of use and complete ownership of assets has often been cited as the main reason for investing in assets. And that’s why young people are drawn to it.

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“As the technology develops and there are easier ways to access it, like in the Finder app where you can buy Bitcoin and Ethereum with just a few clicks, I think the growth of crypto -currency will explode, “said James Edwards, cryptocurrency expert at Finder.

Edwards added: “Many Australians are now much clearer about the benefits offered by cryptocurrencies, such as Bitcoin being a hedge against fiat currency and inflation. Play the possibility of earning interest on assets through things like stablecoins and decentralized finance on Ethereum.

Crypto total market cap heading towards $2.3 trillion | Crypto Total Market Cap on TradingView.com
Featured image from Bitcoinist, chart from TradingView.com

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