New research revealed that despite its volatility, one in three Australians believe bitcoin will eventually be transacted more than fiat currency, according to comparison website Finder.
Gen Z are the most likely to believe bitcoin will outstrip centralised currency in popularity - 52 percent believed that to be true. This group was followed by Millennials at 45 percent and GenX at 30 percent. At 17 percent, Baby Boomers are the least likely to believe that cryptocurrency will surpass traditional currencies.
But the Finder survey also found three in four Aussies (73 percent) think Bitcoin is a bubble that will eventually burst, particularly among Baby Boomers.
Respondents were evenly split on whether Bitcoin is a legitimate investment. Further, nearly two-thirds (63 percent) say they think Bitcoin is purely speculative.
“The majority of Aussies are still on the fence about cryptocurrency, and yet more than a third agree bitcoin will one day become more popular than a traditional currency, said Finder money expert Kate Browne.
“Despite only 17 percent of Aussies owning cryptocurrency, more than double that amount believe cryptocurrency has a major role to play in the future of currency.”
According to the research, 15 percent of Australians have an app that lets them trade cryptocurrency, and a further 12 percent intend to get one, which is about 2.9 million people.
“Cryptocurrency trading apps are appealing because they are easy to use and a simple way to buy and sell coins without needing to be an expert,” added Browne.