A new poll of Australian users has revealed that more of them are investing in cryptocurrencies than in gold and silver. That said, digital currencies still are a long way to go to catch up with shares.
The poll was conducted on behalf of BTC Markets over the month of February.
And the numbers show that 12.6% of Aussie investors hold Bitcoin or other cryptocurrencies, compared to 12.1% who are in possession of precious metals for investment purposes. Only a tiny margin, you may say, but we all know which way the wind is blowing.
However, the stock market is by far the preferred option for investors, with 63.6% holding shares directly, and 28.8% investing in either exchange-traded funds or managed funds.
Property is also a popular investment, with 25.8% in its column.
And a surprising 18.8% said that they invested in collectibles.
Getting back to crypto, Australian investors heavily favor Bitcoin and Ethereum, with other popular choices following. A solid 83.2% hold Bitcoin, 42% are in possession of Ether, while Ripple at 28.5%, Litecoin with 18%, and Bitcoin Cash with 12% round up the top five.
Interestingly, the research revealed that almost one-third of cryptocurrency investors made their first investment after the market crash of March 2020 induced by the COVID-19 pandemic.
Even more interesting is the fact that an increasing number of older Australians are investing in crypto, with investors who are 60 plus doubling in number over the past couple of years to make up 10% of the client base.
We all know which way the wind is blowing.
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