A recent study by major market research firm Roy Morgan shows that more than 1 million Australians now own cryptocurrency. “The value of all cryptocurrency holdings for people aged 50+ is around $7.6 billion,” the study shows.

Study: Over 1 Million Australians Own Cryptocurrency

Australian research firm Roy Morgan has conducted a study into cryptocurrency investments. The study took place between December 2021 and February this year; the results were published Tuesday.

Founded in 1941, Roy Morgan described itself as Australia’s largest independent research company with “an unparalleled reputation for reliable, accurate, meaningful, revealing market research.” It has offices across Australia, as well as in Indonesia, the U.K., and the U.S.

The firm detailed:

The latest Roy Morgan research into Australians’ investments shows 5%, or over 1 million Australians aged 18+, now own at least one cryptocurrency.

The firm found that 69% of Australian cryptocurrency investors are men, and people under 35 years are more likely to be cryptocurrency holders.

Michele Levine, CEO of Roy Morgan Research, commented: “This breakdown of the market means around 640,000 cryptocurrency investors, almost 60% of the market, are aged under 35 compared to 430,000 aged 35+ (40% of the market).”

Research Shows More Than 1 Million Australians Own Cryptocurrency

The study further shows that “Australians aged 50+ have the largest average cryptocurrency investment at an average value of around $56,200,” elaborating:

This size of average investment means the value of all cryptocurrency holdings for people aged 50+ is around $7.6 billion — higher than any other age group and over 35% of the total market.

Another company that has estimated the number of Australians investing in cryptocurrency is Triple A. “It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency,” the company wrote.

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