Crypto experts said that by 2029, Australia’s financial industry will be dominated by cryptocurrencies. Finder’s annual cryptocurrency report shows that encryption will replace Australia’s traditional financial industry. The Finder report revealed some interesting facts about the country’s adoption of cryptocurrency. Experts say that these make it expected to be widely adopted in the country.

Australians turn their attention to cryptocurrency

In Australia, 17% of the population said they own some kind of cryptocurrency. The most popular are top coins such as Bitcoin and Ethereum. Another 13% of Australians said they plan to buy and own cryptocurrency within the next year. According to reports, 9% of Australians surveyed said they own Bitcoin. And 8% said they hold Ethereum. Dogecoin ranks third, with 5% of people saying they hold meme coins. According to reports, 4% of respondents hold Bitcoin Cash.

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The largest group with the most cryptocurrencies is Generation Z. Generation Z are classified as people born from 1997 to the present. This makes the oldest Gen Z 24 years old. 31% of this group confirmed that they hold some type of cryptocurrency. Compared with traditional assets, young people are more inclined to invest in digital assets. Compared with younger groups, the ownership of cryptocurrency by older investors has declined.

“If the pace of education continues to grow, coupled with easier access to cryptocurrency, we should expect to see it as the dominant financial industry by the end of this decade. Especially among the younger generation who have never had meaningful traditional financial channels middle.”

Cryptocurrency is about to explode

The impact of cryptocurrency on most economies in the world cannot be underestimated. Encryption is still in its early stages and has resonated with millions of people around the world. Countries with weak currencies have adopted more methods. Because citizens use cryptocurrency as an alternative store of value compared to their legal currency. Traditional financial products now have to face a greater threat-decentralized finance.

As fewer and fewer young people come into contact with the traditional financial market, they use the cryptocurrency market as an investment method. Its ease of use and full ownership of assets are often cited as the main reasons for investing in assets. This is why young people are attracted to it.

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Finder’s cryptocurrency expert James Edwards said: “With the development of technology and the easier access to it, for example, in the Finder application, you can buy Bitcoin and Ethereum with just a few clicks. I believe in encryption. The growth of money will explode.”

Edwards continued to add: “Many Australians are now more aware of the benefits provided by cryptocurrency, such as Bitcoin can hedge against fiat currencies and inflation. Use stablecoins and decentralized finance on Ethereum to earn interest on assets. Ability.”

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Featured image from Bitcoinist, chart from TradingView.com