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Bitcoin has become more popular than gold in Australia

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Crypto exchange BTC Markets surveyed 2,000 investors in Australia and found that 12.6% own cryptocurrency, and only 12.1% own precious metals.

Thus, a report from a cryptocurrency exchange in Melbourne showed that Bitcoin is more popular among investors than gold in Australia.

It should be noted that the majority of investors are high net worth individuals and institutional investors.

They explain their investments by the fact that cryptocurrency has many advantages over traditional assets, moreover, they believe that it is more reliable and more convenient than precious metal.

Most investors made their investments in March 2020, when stock markets plummeted at the start of the COVID-19 pandemic.

The 2020 crisis gave investors many reasons to change their attitude towards cryptocurrency. On the one hand, bitcoin began to be perceived as a defensive asset against the background of the depreciation of national currencies. On the other hand, the BTC rate quickly recovered after the March collapse in the markets. As a result, large institutional investors began to transfer capital into digital money. And for good reason: over the past year, all those who have invested their money in digital coins have made huge profits.

Many investors state that they plan to hold their investments for more than three years.

Why Bitcoin is better than gold

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Bitcoin often compared to the precious metal. Bloomberg analysts said that cryptocurrency is no longer a speculative asset and is becoming a digital version of gold. One of the reasons why these instruments are in opposition to each other is their limited emissions. Gold reserves are limited by nature, bitcoin – by software code that makes it impossible to issue more than 21 million coins.

Analysts believe there is a lot in common between bitcoin and gold. Besides the limited emission, both assets are decentralized, difficult to counterfeit, and easy to recognize. However, cryptocurrency has several advantages.

Bitcoin is much more convenient to use as a means of payment. Within a couple of seconds you can send Bitcoin to the other end of the planet and track the transaction. In addition, we are already seeing that many institutions are beginning to look closely at bitcoin as a defensive asset.

Also, one of the advantages of BTC is the absence of additional costs for its storage, whereas, for example, gold requires payment for a safe deposit box. Another aspect is security. Cryptocurrency is much more difficult to steal if, of course, it is in a private wallet.

It is also worth highlighting the lack of any control over bitcoin.

This is why investors are increasingly choosing digital currency for investing.

However, the question remains open, which asset is the best investment: gold or digital currency. Their similarities make them a good store of value. But the vastly different markets and uses of these two assets made to divide the opinion of most investors quite strongly.

Cryptocurrencies in Australia – it’s serious and for a long time

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Australia met digital coins with great interest. Once again, the government confirmed, that no one is going to “squeeze” cryptocurrency out of the economy. The region takes regulation into its own hands to ensure the conduct of “transparent” activities of all financial entities.

This country accepts and welcomes сryptocurrency exchanges. In addition, the Australian government is constantly working to create a safer and more user-friendly environment for the crypto community. To date, over one million Australians have invested in cryptocurrencies, which is about 4% of the country’s population.

The Australian government is one of those who believes that cryptocurrencies will help solve the problems of today’s centralized economic system.

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