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

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.