Recent research has helped to identify which Australians are
cashing in on the Bitcoin boom.
The figures suggest that the overwhelming majority of Australians
who own Bitcoin are male, white and aged under 34.
Geographically, the results found that the majority of Bitcoin
activity is taking place on the east coast of Australia.
The findings are based on analysis by Bitcoin.com.au, which
surveyed 1,200 users who are involved in the market, either as
active participants or observers.
Bitcoin.com.au provides a trading platform for people to buy and
sell the cryptocurrency. It closed an $815,000 Series A funding
round in July.
Only around 10% of those surveyed were women, which reflects a
broader global trend according to bitcoin.com.au’s CEO Rupert
“In 2015, a CoinDesk report estimated only 8.2 percent female
users, but I believe this is slowly changing,” Hackett said.
Among those surveyed, most said that they were holding Bitcoin as
an investment rather than using it for transactions. Less than
10% of respondents said they used Bitcoin on a daily basis.
Almost three quarters (70%) of participants said they that owned
less than one Bitcoin.
A lucky few (3%) reported that they owned at least 25 Bitcoins.
At current Bitcoin prices, 25 Bitcoins equate to a total value of
“Users highlighted the values of no central authority,
transaction privacy and global acceptance as key reasons why they
owned Bitcoin,” Hackett said.
According to the survey, 50% of respondents cited theft via the
hacking of the Bitcoin network as the biggest risk in holding the
Hackett believes that Australia will eventually follow Japan’s
lead in setting up a legal and regulatory framework around the
Japanese parliament passed legislation effective from April 1
this year, which established the regulation of Bitcoin exchanges
and categorised the cryptocurrency as a legal form of payment for
A short time ago, Bitcoin was trading at $5,372.10, slightly
below its record high earlier this week:
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