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More than one million Aussies are now invested in crypto, Roy Morgan finds
Invest
More than one million Aussies are now invested in crypto, Roy Morgan finds
While younger people are more likely to be crypto investors, older Aussies were found to have much larger investments on average.
More than one million Aussies are now invested in crypto, Roy Morgan finds
While younger people are more likely to be crypto investors, older Aussies were found to have much larger investments on average.
New research from Roy Morgan has found that 5 per cent of Aussies now own at least one cryptocurrency with an average investment of just over $20,000 each.
According to a survey of nearly 16,000 Aussies, 12 per cent of people aged 18-24 and 11 per cent of those aged 25-34 were crypto owners compared to 6 per cent of those in the 35-49 age bracket and only 2 per cent of those aged 50 and above.
“Investing in cryptocurrencies is a novelty for many Australians and as our latest research shows only around 1 in 20 Australians currently hold a cryptocurrency investment,” said Roy Morgan Research CEO Michele Levine.
“This small penetration of cryptocurrency investors shows there is still the potential for huge growth in the market over the next few years as more Australians become exposed to this form of investing.”
Roy Morgan found that, out of all crypto owners, 36 per cent were aged 25-34, 28 per cent were aged 35-49, 23 per cent were between 18-24 and 13 per cent were 50 or older.
Despite lower levels of crypto ownership, older Aussies were found to have by far the largest average investment out of all age groups.
“Cryptocurrency investors aged 50+ have an average investment of around $56,200 compared to only $2,600 for those aged 18-24,” Ms Levine said.
“This means older Australians aged 50+ hold total cryptocurrency investments valued at $7.6 billion – more than 12 times as much as the $630 Million held by those aged 18-24.”
Furthermore, crypto investors aged 25-34 held $7 billion with an average investment of $18,200, while the total value of investments for those aged 35-49 was $6.4 billion or an average of $21,600 each.
Roy Morgan also identified a significant gender difference for investments in crypto and found that men made up 69 per cent of all crypto investors in Australia.
“The average size of men’s investments, $23,400, is almost twice as high as the average investment for women of $12,800 meaning men hold over 80 per cent of Australia’s ‘crypto’ investments by value at $17.4 billion AUD compared to only $4.2 billion (19 per cent) for women,” noted Ms Levine.
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