In Australia, virtual currencies are booming as a number of entities and businesses across the country have shown a strong interest.
Queensland has been banking on crypto in order to bolster tourism. Queensland saw the Brisbane Airport become the first in the world to accept digital currency in May.
Exchange platform Cointree and billing platform Gobbill announced a partnership in late August that made it possible for all Australians to pay bills using virtual currency.
Now, a new survey from HiveEx suggests the number of crypto-holding Australians has jumped up significantly from the start of the year.
HiveEx surveyed 2,000 people in January and found that 5% of them owned cryptocurrency. Conducting the same survey in August revealed that the number jumped to 13.5%.
According to the study, half of those who were holding cryptocurrency did so as an investment, while 34% said they bought in due to the ‘fear of missing out.’
26% said they were using it to help save for retirement, and more than 33% remarked they were planning to use digital currencies to pay taxes.
The study also found that 80% of respondents would be fine with using virtual currency on a daily basis if it was as simple to use as the Australian Dollar.
Some remained wary. The study also revealed how 65% of those who demurred on ownership chose to do so because it was still too difficult to understand. At least 20% said it was a scam, while the same percentage simply said it was a bubble.