Hodl tight: The amount of Australian investors has tripled since January

10 Sep, 2018
by Will Heasman
Hodl tight: The amount of Australian investors has tripled since January

Despite the ongoing bear market, a recent study has revealed that Australians are increasingly bullish when it comes to crypto...

Conducted by HiveEx the survey found that the citizens of Australia are clinging to their cryptocurrencies despite huge pressure to sell. An increase was seen from 5% in January to 13.5% in August in those who refuse to sell their crypto.

As to why, 50% cited good old-fashioned belief in cryptocurrencies, stating that it was simply an investment; similarly 26% were saving specifically for retirement. However, 34% admitted their investment was pure FOMO.

Furthermore, over a third of all those surveyed said they were planning to pay their taxes with crypto, and an impressive 80% said they would use it in their day to day expenditure, with the proviso that it was as intuitive as fiat.

Australians who didn’t own cryptocurrencies already were not as keen with 65% citing either ignorance or belief that it was a scam.

Fred Shebesta, an Australian entrepreneur who once stated he wanted to create the “first crypto bank of Australia” recently said that interest in cryptocurrencies is growing, even if the market is slumping:

“At its core, you’ve got to remember, just because the price of bitcoin has gone down and people feel angry, that doesn’t reduce the interest,”.

Read more: The first crypto bank might exist sooner than you think...; This town in Queensland has fully embraced cryptocurrency

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