Growing number of women investing in crypto

Despite Bitcoin’s volatile value changes this year, Australians are still buying cryptocurrency although women and Gen Z are the fast-growing segments, according to new research by Finder the comparison site.   

A solid 17 percent of Australians now own any form of cryptocurrency as of this month, up from 12 percent back in January, an increase of 5 percentage points in less than 6 months.  

The proportion of women who own cryptocurrency has also jumped from 7 percent in January to 11 percent in June, while the proportion of men with cryptocurrency has fallen from 29 percent to 23 percent.  

Around 31 percent of Gen Z respondents now own crypto, a figure that has more than doubled since the beginning of the year. In contrast, the number of Millennials who own cryptocurrency has decreased from 33 percent to 24 percent over the same period.  

“Even though Bitcoin’s value dipped in recent months, Finder’s research shows that crypto adoption in Australia is continuing to grow,” said Kate Browne, personal finance expert at Finder. 

“Historically, the world of cryptocurrency has been dominated by men. With strong long-term growth predictions, a gender gap in cryptocurrency investing could have implications for wealth distribution,” Browne said.  

“It’s great that we’re seeing more women and young people choosing to invest in cryptocurrency. 

 “Historically, the world of cryptocurrency has been dominated by men. With strong long-term growth predictions, a gender gap in cryptocurrency investing could have implications for wealth distribution,” Browne noted. 

Finder data shows that Bitcoin remains the most popular cryptocurrency – but only just. Around 9 percent of Australians own Bitcoin, followed by Ethereum at 8 percent, Dogecoin at 5 percent, and Bitcoin Cash at 4 percent. 

Among those who own crypto, close to 1 in 3 say they purchased it to diversify their portfolio, while 24 percent purchased it because they say it is going up in value. 

A solid 43 percent of respondents said they are hesitant to purchase cryptocurrency is the perception that it is too volatile or risky. 

One in three haven’t bought cryptocurrency because they would rather have money in shares or savings, and a further 25 percent think it’s overvalued.  

A further 22 percent said they were unsure about how to buy it. 

Investors under 25 years rise 250%: women up 52% 

Browne said like shares, super or gold, cryptocurrency should be seen as more of an asset or investment than a form of day-to-day currency. 

Separately a new white paper by a wholesale broker has revealed that the young investors and women flocked to the equities market in the past year. 

The Australian Investment Exchange, the former wholesale arm of CBA's broking business CommSec said pre-pandemic, only 1 percent of self-directed clients were under 25, but this number skyrocketed by 250 percent by March 2021. “There was another significant shift towards these younger self-directed investors during the lockdown period, with a 5 percent increase in new Millennial clients and a slight increase in Generation Z” said AUSIEX which annually trades $55.25 billion of the $3 trillion Australian market - 

Data showed that new female advised clients now outnumber men. Data showed that the proportion of new advised female clients has risen to 52 percent as of March 2021 from 47.3 percent in November 2019. 

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