Invest
Aussies as comfortable with spending crypto as they are saving it
Only 17 per cent of Aussies are comfortable with using cryptocurrencies to pay for their goods, new research has revealed.
Aussies as comfortable with spending crypto as they are saving it
Only 17 per cent of Aussies are comfortable with using cryptocurrencies to pay for their goods, new research has revealed.
Despite less than one in five Aussies turning to crypto to fund their purchases, Mastercard’s latest research found that as many as one in two Australians are intrigued to learn more about cryptocurrencies, while 44 per cent would be open to using them if they understood them better.
The popularity of crypto is clearly on the rise across the globe, including in Australia where firms facilitating crypto investments have spiked in popularity.
One of them is Raiz Invest Australia, which launched its bitcoin-laded Sapphire Portfolio only 12 months ago and has already garnered a 40,000-strong customer base.
Speaking to nestegg, CEO Brendan Malone said the reception for the company’s first venture into cryptocurrencies has been largely positive.
“It gives people exposure to crypto that would probably not have exposure to crypto or would maybe have done it in an uncontrolled environment,” he said.
“By limiting a portfolio to 5 per cent, they’ve got that. They can have a discussion about how they’ve invested in crypto, but in a controlled environment.”
Relative to the company’s base of 267,000 customers, Sapphire Portfolio investors represent approximately 15 per cent of Raiz’s business.
In terms of its composition, Raiz’s Sapphire Portfolio is broadly comparable to the micro-investment app’s existing moderately aggressive portfolio option. It includes a number of Australian government and corporate bonds plus a number of international large-cap stocks.
However, for Sapphire Portfolio customers, each allocation has been trimmed back to make room for a 5 per cent holding of bitcoin.
Asked whether Raiz plans to incorporate other cryptocurrencies, such as ether or dogecoin, Mr Malone said no.
“Not at this stage. We chose bitcoin deliberately because it’s the most common and most well known,” he said.
Citing concerns about how easy apps have made it for consumers to invest in cryptocurrencies without a complete understanding of the asset class, Mr Malone said that “it’s all good while it’s going up. But there’s always a down.”
He said: “I will always make sure it’s in a controlled manner in my personal investing because I don’t invest in anything I don’t understand. By having it in there, I understand it, but it’s not my life savings.”
Asked whether he’s concerned about the power that influential figures like Elon Musk have on the crypto market, Mr Malone again said no.
He does, however, believe that there’s a lot of education to be done about the crypto market.
“People look back and we talk about stock-market movements, crashes, whatever. We look back in history and time and we can see it. There’s only such a limited history of crypto,” Mr Malone said.
About the author
About the author
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
Cryptocurrency
New Cosmos ETF offers access to ethereum
Cosmos Asset Management has launched another crypto ETF in Australia. Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
Cryptocurrency
New Cosmos ETF offers access to ethereum
Cosmos Asset Management has launched another crypto ETF in Australia. Read more