Excitement and interest continues to grow around cryptocurrencies like bitcoin and ethereum, and more and more Australians are willing to put their money on the line in the hopes of high returns.

A survey by Savvy has claimed that 40 per cent of Australians intend to buy cryptocurrency in 2021.

Savvy found that 17.3 per cent of respondents already own or have owned some form of cryptocurrency. Of that figure, 15.2 per cent had invested up to $5,000, while 2.5 per cent had invested between $5,000 and $10,000. Just 1 per cent had invested above $10,000.

According to Savvy, 71 per cent of Australians either understand or are interested in learning more about cryptocurrencies.

Bitcoin proved the most popular crypto of the bunch, with 44 per cent of respondents showing their preference for the world-renowned coin. Ethereum came in second with 22 per cent, while dogecoin trailed at 18 per cent. 

Savvy managing director Bill Tsouvalas attributed the growing awareness of, and interest in, crypto to the publicity around ‘bitcoin millionaires’ and other successful investors in the asset class. 

“Once upon a time, crypto was a mysterious ‘shiny new object’. 41 per cent of investors said they did so ‘just for fun’, for example.”

“However, there is a high proportion that are invested long-term as well as to diversify their investment portfolio – about half of respondents. So, getting in on cryptocurrency is becoming less of a novelty and more of a sound investment strategy.”

Regardless, the excitement around crypto was tempered by caution, with 79.8 per cent of survey respondents agreeing that cryptocurrencies should be more regulated.

“Cryptocurrency may very well be the currency of the future. It’s time for the wider finance sector to embrace it rather than treat it as a fad, or they’ll be left behind,” Mr Tsouvalas said.

Recent research from Mastercard suggested that as many as one in two Australians is intrigued to learn more about cryptocurrencies, with 44 per cent open to using them if they understood them better.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times. 

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.