Australian cryptocurrency exchange BTC Markets’ average portfolio size grew from $577.65 ($795.5) to $2,069.16 ($28,49.5) in fiscal 2021, representing a 258.2% increase in portfolio assets according to overall stock market data by Statista in a recent study. Bitcoin market overview.
Survey data shows that the average portfolio size for both female and male investors in the 2020-21 financial year in the BTC markets was $1,924.30 ($2,650) and $2,143.03 ($3,049, respectively). However, in 2020, the average portfolio size for Australian female investors was slightly higher than the average portfolio size for male investors.
Exchange transaction data also shows an increase in the demand for investments with age. Based on data provided by BTC Market on the average initial investment in Australia, approximately $3,158.03 invested over the age of 65 is $3,158.03, the highest of any demographic.
After a gradual decline across different age groups, the youngest cryptocurrency traders between the ages of 18 and 24 tend to make relatively small investments, averaging $792.96. While top Australian cryptocurrency investors are compensating the younger generation in initial investment, relatively young people are active in day-to-day transactions.
RELATED: 17% of Australians Now Own Digital Currency, Totaling $8 Billion: Poll
In line with the above findings, a September report from financial comparison website Finder showed that one in six Australians own cryptocurrency with a total investment of $8 billion. The report says that, like many other users in advanced industrial countries, Australians are increasingly looking at cryptocurrencies as a new asset class.
According to a Cointelegraph report on the issue, Bitcoin (BTC) is the most popular cryptocurrency in the Australian cryptocurrency market, owned by 9% of investors. Other popular investments include Ether (ETH), Dogecoin (DOGE), and Bitcoin Cash (BCH). The report showed that despite the increase in investment in cryptocurrencies, the main barrier to entry for Australians is the difficulty of understanding cryptocurrency and the risks associated with volatility.