Millions of Australians trading cryptocurrency on their phones

There are 2.9 million Aussies already trading cryptocurrency from their phones with many believing that bitcoin will become a currency that can be spent in everyday life.

New research revealed that one in three Australians believe bitcoin will eventually be transacted more than traditional currency, according to comparison website Finder.

But the Finder survey also found three in four Aussies think bitcoin is a bubble that will eventually burst, particularly among Baby Boomers.Gen Z (those born between the mid to late 1990s and the early 2010s) are the most likely to believe bitcoin will outstrip centralised currency in popularity, followed by Millennials.

Recent research from Binance found about one third of Aussies surveyed derive income from crypto and for 6 per cent it’s a primary source, while 29 per cent use it to top up their earnings.

Binance Australia chief operating officer Sam Teoh said Australian crypto users tend to be subversive types – people who have lost faith in old systems.

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Source: Millions of Australians trading cryptocurrency on their phones