The public perception of Bitcoin and other cryptocurrencies isn’t always favorable. Volatile price swings and plenty of industry scandals make crypto far less appealing. However, Australians consider it a store of value and investment opportunity, even in 2022.
Australians Still Like Bitcoin
It is always good to see at least one country where Bitcoin thrives despite the various issues plaguing cryptocurrencies. Although El Salvador is probably more bullish on BTC, Australia isn’t too far behind. A recent survey shows that most Australians consider it a store of value or an investment asset. That is a good trend, confirming the long-term appeal of Bitcoin. Remember, this sentiment does not reflect on altcoins, as those were not part of the survey.
The past few years have been a mixed bag for Bitcoin. It soared to a high of over $69,000 and currently trades at roughly $16,000. The industry faced numerous setbacks and has little upward momentum combined with the global economic crunch. However, Bitcoin is an asset that performs well over time. Its performance since its inception over a decade ago is stellar, even with a few severe price dips.
Australians remain committed to Bitcoin regardless of market conditions. In 2019, over 30% of them had no idea what BTC was or had given it any thought. In 2022, that number is still over 20%, but tremendous progress has been made. It is hard to ignore the world’s leading cryptocurrency these days. While exchanges like FTX may collapse and currencies like Terra implode, Bitcoin remains resilient.
One interesting development is how the sentiment toward “Bitcoin is money” hasn’t changed much. There are numerous ways to pay bills with BTC as Australians, even if it is still a niche. There’s still work to do, especially with over 17% of people considering BTC a scam. That number has also risen slightly over 2021, primarily due to many disgruntled investors sitting on a BTC portfolio acquired at much higher prices. Market dips don’t make investments scams, though.
Who Will Follow The Australians?
As Australians continue to appreciate Bitcoin, they create an interesting precedent. It is rare to see nations so bullish on BTC, even if it provides financial freedom. However, it also has a steep learning curve. For instance, self-custody is mandatory, yet few people want to go the extra mile. That must all change if Bitcoin is ever to be seen as money. For now, the label of “store of value” isn’t a bad second, but things could be so much better by now.
People also need to learn to distinguish between Bitcoin and crypto. Virtually all scams, hacks, thefts, and other shenanigans occur in crypto and have nothing to do with Bitcoin. Unfortunately, that negative attention blows back on the most visible and recognizable asset of them all. Australians seem able to cull the wheat from the chaff, but other countries lag behind.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.