Nearly 5 Million Of Australians Will Own Crypto in 2021

By José Oramas February 10, 2021 In Australia, Bitcoin, Institutions

Elon Musk became Bitcoin’s holy savior for the bulls since his company, Tesla, announced investing $ 1.5B —roughly AU$ 2B— in BTC this month, driving the price to a new All-Time High over $46K.

The announcement generated another wave of FOMO —Fear Of Missing Out— and a sheen interest not only among Australians but in the mainstream as well.

Bitcoin’s Arrival to the Corporate World

Scott Phillips, from The Motley Fools Australia, shared his thoughts about the entrance of Bitcoin to corporations in America.

While countries like Nigeria and India are trying to curtail —or even ban— cryptocurrencies, the more that Bitcoin enters American corporations, the farther they will expand globally.


In Australia, there are more financial institutions adopting cryptocurrencies and blockchain technology. Recently, several major banks have joined to create the first-ever digital bank guarantees incorporating blockchain technology. 

This bank is a joint venture between Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking GrpLtd, Westfield owner Scentre Group, and IBM.

Elon, a Savior For Hodlers

Phillips added that Elon Musk knew Tesla’s investment would become “a sign” for Bitcoin Bulls. The more that financial institutions and big tech companies embrace crypto-assets, the more people —unaware— would want to join in due to FOMO. Collaterally, this would spike the price even further.

The true believers are already there. The latecomers, those influenced by Musk and his social media antics, certainly will also jump on that train. Whether or not Tesla makes a profit or loss on that $2 billion investment, that remains to be seen.

Stated Phillips for Sky News Australia

Nearly 5 Million Of Australians Will Own Crypto in 2021

As reported by Cryptonews Australia, Aussies will be more likely to invest in cryptocurrencies this year.

Now, an updated report from Finder shows another 5 million more Australians are ready to invest in cryptocurrencies this year.

While millennials are generally more aware of digital assets, other demographic sections like Baby Boomers are the most-inclined to invest in crypto-assets to diversify their portfolio.

Investment demographics. Source: Finders

Likewise, nearly 50% of Aussie investors pointed out the only reason they invested in cryptocurrencies is increasing value — while others consider cryptos as future hedge funds against fiat inflation.

Statistic regarding cryptocurrency interest. Source: Finders

As stated by Scott Phillips, “Bitcoin is well and truly” in the mainstream. Andrew Munro shared similar thoughts by stating that crypto-assets will become more accessible for Australians — and the general population, despite the effort from governments to regulate and control cryptocurrencies.

Five years ago, names like Dogecoin and Ethereum would have held little meaning for those outside the crypto community. Now we are seeing these names all over mainstream media which is likely to make cryptocurrency feel like a more accessible option for budding investors.

Stated Andrew Munro, crypto-editor from Finders

José Oramas

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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