Bullish on digital money
CRYPTOCURRENCY experts believe it will surpass traditional finance in Australia as early as 2029 after a new report revealed the country had accumulated $7bn worth of digital coins.
Comparison site Finder has released its annual Cryptocurrency Report with some significant revelations, including that 31 per cent of Gen Z Australians (born after 1997) own some form of crypto.
Cryptocurrencies are virtual or digital forms of money that take on the form of tokens or “coins” using cryptography, making it difficult to be counterfeited.
Australians have amassed $7bn worth of cryptocurrency, with the average investor owning $2078 in assets.
Overall, 17 per cent of Australians own cryptocurrency, while a further 13 per cent said they intended to buy it within the next year.
A survey also found 56 per cent of Australians believed tech billionaire Elon Musk (pictured) invented Bitcoin. It was invented by a person using the pseudonym Satoshi Nakamoto.