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Cryptocurrency News

Only 7% of Australians own cryptocurrency, says ING survey

By June 27, 2018 No Comments

ING bank have just published the results of their ‘Cracking the code on cryptocurrency’ survey, where Australians participated in questionnaires relating to owning digital assets like Bitcoin.

Conducted several times each year, the international survey is conducted to gain a better understanding of how people use, spend, save and invest their money. This year, Australia was a country of choice, along with the United States and Europe, where 15,000 people were asked questions of what they thought of cryptocurrencies and the investment opportunity.

According to the surveys first question, which is ‘have you ever heard of cryptocurrency?’, up to 70% of Australians have at least heard the term. The highest result came from Austria, which is at 79%, with the lowest being Belgium at 38%.

When asked if the participants owned any cryptocurrency, Australia’s results indicate up to 7% own some type of cryptocurrency or digital asset. When compared to other countries, Turkey was the highest at 18%, and Luxembourg was the lowest at 4%.

In relation to data taken from this survey, the report says;

” [The] full data set reveals that people in Europe who are mobile bankers are much more likely to own cryptocurrency…than those who are not mobile bankers”

The next question asked participants whether they expect to own cryptocurrency in the future, with Australia scoring in one of the lowest percentiles at 15%. The highest country was Turkey again at 45%, with Belgium scoring the lowest at 10%.

The survey then asked participants whether they agree or disagree that (1) digital currencies are the future of spending online, (2) are the future of investment, and (3) that the value of digital currencies will increase in the next 12 months. In point (1), Australia scored 18%, point (2) was 19%, and point (3) as 22%, when compared with European consumers who scored 35%, 32% and 35% respectively.

In relation to the questions asked to people who use mobile devices for banking, the report describes;

Mobile bankers are more likely to answer positively to all three questions. In particular, when asked if cryptocurrencies are the future of spending online, 40% of mobile bankers agree. Just 22% of nonmobile bankers agree with them.

The results of the survey are surprising, given Australia is among the highest nations in terms of mobile adoption and digital payments, with an uptake of 83.6% for 2018. What the survey does highlight though (albeit anecdotally),  is that the volatility of cryptocurrencies does present significant challenges for using day to day as a form of payment. At least in these early days until the market matures and second layer protocols like the lightning network are fully implemented, which will allow near instaneous transactions and virtually zero fees.

Other innovations in the blockchain space aiming to solve the volatility problem are projects such as Maker DAO and Australia’s own Havven, which are both aiming to build decentralised protocols that have a stablecoins. The stablecoin being the digital currency that remains fixed to the price of $1 USD, giving all the benefits of blockchain and distributed ledger technology, but without the risk of depreciation.

 

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