Australians are investing in cryptocurrency like Bitcoin due to FOMO and its increasing value

Cryptocurrency is risky business, according to regulators, but this isn’t stopping one in four Aussies investing in the digital money.

That’s around five million Aussies with a financial interest in cryptocurrency, according to research from comparison website Finder.

It found 13 per cent of Australians now trade Bitcoin, while 6 per cent hold Ethereum assets, which is the second largest cryptocurrency.

Bitcoin has been swinging to record breaking highs, cracking the $50,000 mark last month, as hungry investors snap it up.

But the UK financial watchdog recently warned that consumers should be prepared to lose all their money if investing in cryptocurrency.

There is also speculation that President Joe Biden’s administration could crack down amid fears its being used by criminals.

When it comes to Aussie investors, increasing value, inflation hedging — a strategy to protect against the decreased purchasing power of money — and FOMO, are some of the reasons its become a popular place to put their hard earned cash.

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Source: Australians are investing in cryptocurrency like Bitcoin due to FOMO and its increasing value