A platform for trading cryptocurrencies is referred to as a cryptocurrency exchange. The most well-known cryptocurrency exchanges include eToro, Binance, Gemini, and Coinbase. The Commonwealth of Australia is the only nation on the planet to span a whole continent, ranking sixth in size. It also contains several islands. The state has a robust economy, with a higher GDP per person than countries like Germany, Great Britain, etc. The country has taken notice of Bitcoin’s rising popularity.
As the government operates to give Bitcoin the status of a national or international currency, cryptocurrency is a legal payment method in Australia. To enhance the atmosphere for cryptocurrencies, the Australian government repealed double taxation on Bitcoin exchanges in July 2017. Australia has many ATMs and online exchanges that allow for bitcoin exchange. A crypto exchange Australia must register with AUSTRAC and adhere to AML/CTF regulations.
Which Coins Do Australian Crypto Investors Hold?
A startling 4.6 million Australians now hold cryptocurrencies, with 17.7% of the population saying they do. It appears that the number will increase significantly as Australian regulations increasingly embrace cryptocurrencies. Australia’s most popular cryptocurrency is Bitcoin, with Dogecoin at number four. Given that they are the 3 most valuable cryptocurrencies concerning market cap, bitcoin, Ethereum, and Binance Coin are the ones that are held the most frequently. Dogecoin is not among the top 10, and Cardano isn’t among the top five, showing that while they are both widely owned, traders likely allocated a larger portion of their holdings to bitcoin and Ethereum. The top five cryptocurrencies in Australia are as follows:
- Bitcoin (held by 65% of cryptocurrency investors)
- Ethereum (42%)
- Cardano (26%)
- Dogecoin (23%)
- Binance Coin (14.6%)
How did the well-known coins fare?
Following is the performance of the top 5 cryptocurrencies as of January 2022:
- Bitcoin: +35%
- Ethereum: +235%
- Cardano: +403%
- Dogecoin: +1,602%
- Binance Coin: +1,100%
To understand some discrepancies within twelve-month returns, it’s crucial to remember that a large portion of bitcoin’s stratospheric climb happened just over a year ago, with the altcoins following after.
The Future of Cryptocurrency in Australia
Overall, it’s clear from Australia’s cryptocurrency statistics that there are many smart cryptocurrency investors there. In addition to understanding the asset class’s inherent volatility, most investors thoroughly investigate and assess the basics before making a cryptocurrency investment. Even though 4.6 million Australians have invested in cryptocurrencies, there is still room for significant growth in this market. We’re very soon in a lot of ways. The future of cryptocurrencies depends on the following factors:
RELATES TO REGULATION
He added that Australian exchanges and companies have cried out for regulation because it gives the sector legitimacy and transparency. Australia is in the process of reforming its digital economy, intending to authorize or license crypto exchanges that provide stability and security. The price of an asset tomorrow cannot be altered, but the market’s infrastructure on which it is traded may be made secure, reliable, and stable. They are attempting to accomplish it.
LOW ON POWER, HIGH ON ETHICS
The need for platforms and developers to stand out from the competition by pursuing environmental sustainability is growing among cryptocurrency investors. In reaction, Ethereum, the most popular currency in the world, declared that it would drastically alter its business model in the coming months. To join the blockchain as a validator, directing transactions and forming new blocks, their new consensus process requires users to invest in Ethereum. The adoption of blockchain technology can significantly alter corporate moral conduct. Blockchain technology offers a visible road map of fate by validating how goods, services, or money have moved along the distribution chain.
Cryptocurrency won’t ever completely replace money. The bitcoin market’s swings make it difficult to predict where it will go in the future. Some potentials are worth taking into account immediately, such as the emergence of initial coin offerings and decentralized autonomous organizations (DAOs). A startup not qualified for venture capital funding could introduce its coin to raise money through an IPO (IPO). Whether cryptocurrencies will become widely used or vanish into obscurity remains to be seen.
Its ability to fundamentally alter currencies as we recognize it has already upset the financial and commercial sectors, it is certain. Australia encourages investment as well. One of Australia’s biggest industries is financial services, and there are prospects for investments if Australian companies can lead the way in creativity.