Cryptocurrency grows in popularity among Aussies, but most still in it for the novelty

Despite tales of early adopters making fortunes by trading cryptocurrency, most Australians buying into the digital commodity say it is just for a bit of fun.

A survey by consumer group, Choosi, published late last year found that roughly one in ten Aussies are now dabbling in cryptocurrency.

However of those, most said their main reason for doing so was for “fun and excitement”.

Covid-related boredom may have also played a part, with 60 per cent of Australians that trade crypto having started within the past 12 months.

It also far more popular with young people than the older generations, and males are three times more likely than females to already be invested.

According to the study, 19 per cent of Gen Y are getting involved, compared to six per cent of Gen X and just four per cent of Baby Boomers.

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Source: Cryptocurrency grows in popularity among Aussies, but most still in it for the novelty | news.com.au — Australia’s leading news site