A new survey found that Australians invest more in cryptocurrencies than gold and silver.
A survey of over 2000 Australian investors concluded that cryptocurrency is a more popular investment than gold and silver. However, cryptocurrencies still have a longer way to catch stocks.
A survey conducted on behalf of BTC Markets during February found that 12.6% of Australian investors owned Bitcoin or other cryptocurrencies, while those who owned precious metals were 12%.
However, the stock market is by far the preferred option for investors. 63.6% of the investors are direct shareholders and 28.8% invest in exchange traded funds or managed funds.
83.2% of Australian crypto investors prefer Bitcoin and 42% Ethereum, as well as Bitcoin and Ethereum. It is followed by Ripple with 28.5%, Litecoin with 18% and Bitcoin Cash with 12%.
The research revealed that almost a third of cryptocurrency investors made their initial investments after the market crash caused by COVID-19 in March 2020.
Despite many cryptocurrencies rising to all-time highs in recent months, 51% of Australian investors are planning to exit after holding their crypto for at least three years, with 51% stating that they do not intend to sell their crypto anytime soon.