A recent survey in Australia has shown that more people are interested in cryptocurrency investment than investing in precious metals like gold and silver. However, the gap between these two classes of investment is negligible.
The survey had over 2000 respondents and the majority of those who are interested in the crypto investments do so because of the high profit margin they could gain from the industry. Regardless of this, it will take a considerable while before the interest in crypto investments would leave that of silver and gold in its wake.
The survey was conducted in February and data from it shows the difference in percentage between investment in digital assets and the precious Metal. According to the data, 12.6% of the respondents participate in crypto investments while 12.1% of them have a holding in either gold or silver. These two pale in comparison to the stock market where over 60% of the respondents say they own stock shares and 28.8% of them have invested in the stock exchange market either directly through mutual trading or through trading with professional businesses.
Bitcoin and Ethereum Top Crypto Investments
A further analysis of the survey showed that most investors are more interested in investing in the largest two virtual assets by market cap, Bitcoin and Ethereum, than any other digital asset. Data from the survey shows that 83.2% of investors hold Bitcoin and 42% hold Ethereum. The other assets in top five are Bitcoin Cash, Litecoin, and Ripple.
The market crash in 2020 due to COVID-19 is believed to be responsible for the increased interest in crypto assets as more investors look towards the industry to protect themselves against inflation. The survey shows that one-third of the investors began to show real interest in the virtual currencies in March 2020 which is after the market crash. The data is furthermore supported by a study in October which showed participants were more interested in holding BTC after the crash.
This is in line with our earlier report that says that there are now over 100 million users of cryptocurrencies worldwide.