Bitcoin Could Replace Traditional Payments In Australia, Survey Finds

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Getting Bitcoin in the hands of mainstream consumers and businesses is no easy task. The world’s leading cryptocurrency is still frowned upon by many, although things are improving. In Australia, Bitcoin has a possible chance to surpass fiat currency spending, according to a new report.

Australia Keeps Warming Up To Bitcoin

Very few countries see an active increase in overall Bitcoin adoption these days. More specifically, few people see it as a payment method rather than a store of value or speculative asset. Given its wild price fluctuations, that isn’t entirely surprising. Moreover, Bitcoin has never maintained a stable value for very long, making it less suited for payments in the eyes of many. However, that situation is slowly changing, primarily in Australia.

Contrary to the rest of the world. Australia has always been open-minded toward cryptocurrencies. Various service providers let users pay any bill with crypto. Moreover, there is a growing group of Australian streamers on Twitch incorporating donations via cryptocurrencies. The paradigm shift is real, even if prices get slashed by 50% now and then. Taking Bitcoin to the next level in the payments industry may occur sooner rather than later.

A recent survey confirms that Australians see merit in Bitcoin for payments. One in three expects it to surpass fiat currency transactions in the coming years. A similar number of people also express their opinion on bitcoin playing a crucial role in the “future of currency,” which is surprising. The results in this Finder survey are fascinating, although there were only 1,012 respondents to the questionnaire.

The sentiment toward Bitcoin in Australia is all over the place. While many people see it disrupt payments, others remain convinced the bubble will burst. Of course, everyone is entitled to their opinion, yet that doesn’t make any of them right or wrong by default. Unlike other traditional markets, cryptocurrencies can violently head in either direction at any given moment. Whether that is up or down remains unclear for the time being.

Pushing Crypto Ownership Higher

What makes the Fiver survey even more exciting is how 17% of Australians seemingly own crypto assets today. That is a decent figure, although one that has much room for improvement. Getting more people excited about holding Bitcoin or other crypto assets will always be a tough ask. Cryptocurrencies have a negative stigma surrounding them and one that will not be easy to overcome either. 

For now, the shift to cryptocurrencies is primarily fueled by “Generation Z”. They are keener to believe Bitcoin has a chance of dethroning traditional currencies issued by banks. Millennials and Generation X agree to some degree but remain less convinced. Baby boomers in Australia see very little merit in crypto assets at this time, which is no real surprise.

There is also the strong belief of Bitcoin being more speculative than anything else. Over 62% of respondents indicate it is “purely speculative”, which doesn’t necessarily bode well for the future. However, it is tough to dispute the speculative nature of an asset that can gain or lose 50% of its value in a day. 

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