New research finds that Aussies are less trusting of crypto than other countries

crypto

New research by Toluna shows that 52% of Australians will never invest in crypto, compared with 10% globally. In addition, Toluna’s survey of 9,000 people across 17 countries also found that Australians were on average, more hesitant to invest than all of the other surveyed countries.

How demographics contribute to people's feelings towards crypto

Age and location are major determining factors in whether people are likely to invest in cryptocurrency, the report says. Those in developing countries are said to have a more positive sentiment towards crypto than richer, developed countries, with 41% of people surveyed in Vietnam, Indonesia and Thailand saying that they had already invested in cryptocurrency because of its potential for short-term growth.

Those surveyed in developing countries were much less likely to see cryptocurrency as a risky investment (25%) compared to those in developed countries (42%).

In terms of age, the older generations are more sceptical of crypto than their younger counterparts. Older respondents regard crypto as a “hype”, while younger respondents were more positive, believing that crypto will become a genuine currency in the long term. The stats show that more than half (53%) of Gen Zs believe cryptocurrency will become an upward trend in the long term compared to 22% of Gen Xs and 38% of boomers who think that the “hype” will soon crash.

Lack of understanding causing uncertainty

Other key findings from this research show that 61% of global respondents were aware of cryptocurrency but responses show that most do not yet fully understand what it is and how it works. A third of respondents reported currently owned some form of cryptocurrency, however 60% of that group showed a lack of familiarity with their asset.

In addition, 42% of respondents in developed countries continue to see crypto as a risky development.

As a result, fear of associated risk and an overall lack of understanding of cryptocurrency have been recorded as the main reasons why potential investors are hesitant to invest.

Researching before you invest

It doesn’t matter what you’re investing in, it pays to research. Here’s a quick checklist of what to consider before you start:

  • Know the different investments available to you and think about the pros and cons
  • Learn about the trading market and how it works
  • Research before buying - check the historical data of various cryptocurrencies or shares and consider if you're comfortable with the risk involved
  • Diversifying how you invest is often considered a good strategy for protecting your money and at least reducing risk

If you are interested in learning more about current fintech trends, including more information about cryptocurrency, check out Mozo’s fintech hub. If you’re keen on share trading you can have a look at our guide for beginners.

Compare share trading accounts - rates updated daily

Search promoted share trading below. Advertiser disclosure.
  • placeholder
    Live Account

    Small trade brokerage
    Monthly fee
    $5.00
    $0.00

    Superhero Live Account is trading for everybody. Zero brokerage when purchase ETFs and $5 when you sell, plus traders can get started with a minimum investment of just $100.

    Details
  • placeholder
    Share Trading

    Small trade brokerage
    Monthly fee
    $8.00
    $0.00

    ThinkMarkets offer an $8 flat fee share trading account with HIN ownership (CHESS sponsored) so you control your own shares plus free live price data and market depth.

    Details
  • placeholder
    Trading Account

    Small trade brokerage
    Monthly fee
    $10.00
    $0.00

    Insights, recommendations and support for just $10 per trade under $1000. Get access to over 25 international markets. (See the CommSec page for details)

    Details
  • placeholder
    Mozo Experts Choice 2022
    Tiger Account

    Small trade brokerage
    Monthly fee
    $6.49
    $0.00

    Tiger Brokers is an online broker listed on NASDAQ. It offers access to US, ASX & HK stocks, ETFs and US options trading. Enjoy $0 brokerage on US Stocks trading and ASX Stocks trading for 90 days with no minimum deposit required. (T&Cs apply - see website for full details. Limited time offer).

    Details
  • placeholder
    Standard

    Small trade brokerage
    Monthly fee
    $0.00
    $0.00

    CMC Markets Invest makes it easy to trade with a handy web and mobile platform, competitive pricing and thousands of securities. Buy Aussie and US shares from $0 brokerage (T&Cs apply - see website for full details).

    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.