People keep talking about how much Bitcoin has grown recently – over 50% over the previous month alone. Yes, the King of Crypto has fallen 15% since Sunday, but between March 2020 and today, it has risen by 977%, so the fear of missing out (FOMO) is real.
According to a report from BTC Markets, it seems that more Australians are interested in investing in cryptocurrencies such as bitcoin than in the classic precious metals like silver or gold.
The report comes from a survey of over 2,000 Australian investors that was carried over the month of February. The survey discovered that 12.6% of investors already have a crypto investment, while 12.1% of them have invested in precious metals.
Close to a third of the crypto investors have made their first investment after the market crashed in March 2020, and more than half of those who own crypto don’t plan to sell it, despite the volatility the coin has experienced these days. 23% of those surveyed declared that their plan was to hold the coins for at least 3 years.
The rivalry between Bitcoin and gold has been going on for quite some time as both of them have finite supplies, and the government can’t make more of either one. As a result, they are seen as being “inflation-proof” and a store of wealth and value. It is no surprise then that some people have described bitcoin as being “digital gold.”
Even with Bitcoin’s popularity rising, shares continue to be the main way Australians invest – 63.6% of those who responded to the survey declared that they held shares directly. 28.8% reported that they owned investments in ETFs and managed funds, 25.8% in investment property, and 18.8% in “collectables.”
Fixed-income investments and annuities registered the smallest percentages, with less than 10%.