Sydney, Nov 6: Bitcoin has surged to a record high, climbing above AUD$114,000, reflecting a substantial rise since 2015 when the cryptocurrency was valued at around AUD$450.
Finder’s Consumer Sentiment Tracker reveals that seven per cent of Australians owned Bitcoin as of October 2024, and interest in cryptocurrency continues to grow nationwide as the market teeters on the edge of what some experts predict could be the next major bull run.
New research by Finder shows that 16 per cent of Australians, or an estimated 3.3 million people, plan to invest in cryptocurrency by year-end.
Most of these prospective investors intend to allocate $500 or less, amounting to an anticipated $523 million across the country.
Specifically, five per cent of Australians say they’ll invest up to $250, and another five per cent plan to invest between $250 and $500.
A minority of high-stakes investors, roughly one per cent, are set to put $5,000 or more into digital assets.
The research also indicates a shift in sentiment toward crypto, with 21 per cent of Australians now viewing it as a good investment, up from 15 per cent last year.
Finder’s Bitcoin price prediction report estimates an average year-end valuation of AUD$119,000 for the cryptocurrency, reflecting optimistic forecasts in the industry.
According to cryptocurrency specialist Thomas Stelzer, factors such as rising prices, political developments in the U.S., and advancements in the crypto market have fueled renewed interest.
Despite this optimism, experts urge potential investors to consider the risks of the volatile crypto market.
Here’s how Australians plan to invest in cryptocurrency in 2024:
- $1–$250: 5%
- $250–$500: 5%
- $500–$1,000: 3%
- $1,000–$2,000: 2%
- $2,000–$5,000: 1%
- $5,000+: 1%
- No investment planned: 84%
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