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A recent survey found that many Australians are ready and willing to diversify their investments to include portfolio assets despite more than 71 per cent still needing a basic understanding of the market or how to invest.
Research conducted by the global crypto app Luno discovered that many Australians are paying more attention to their savings and investments. And 80 per cent of the survey population are looking to diversify their assets to include crypto.
Interestingly, 71 per cent of the survey respondents reported needing a more fundamental understanding of cryptocurrency. Yet, half of that is still willing to get involved with digital assets this year. But according to Luno country manager for Australia, James Logan, that’s fine.
He stated that “One of the benefits of cryptocurrency is that anyone can invest. It was designed to be decentralised, meaning everyone has the power to access, trade and invest in coins. However, like any financial system, it’s imperative that potential investors do their research before entering the market.”
Logan added that it is a concerning fact that many Australians still need a basic understanding of digital currency and yet are willing to invest in it. He cautioned people to do their research and recommended discussing with a specialised financial advisor before diving in.
Luno’s survey supported an earlier finding from Australian crypto exchange Swyftx’s second annual Australian Crypto Survey earlier in 2022. The survey found that approximately one million Australians will buy crypto for the first time in the next 12 months.
The survey further reported that most of these new crypto investors came from millennials and Gen Z individuals. Tommy Honan, head of strategic partnerships at Swyft, commented, “Based on current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years.” He added that the survey also revealed that the most significant barrier for those wanting to invest in a crypto is the lack of good regulation in the digital currency.
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