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- Crypto adoption and interest among Aussies have continued to rise
- One in every five Aussies are seeking to invest or are already investing in crypto assets
- According to the experts it has been deemed that major banks in the region would be following Commonwealth Bank of Australia’s (CBA’s) footstep
Crypto industry is getting more attention as it continues to expand. Finder has recently surveyed some experts and economists in Australia regarding their economy. While observing the predictions regarding future cash rate moves, it is noted that some of the panellists are expecting a hold this month. And nearly half of the respondents are expecting a rate increase in 2022. It is worth noting that the experts believe that digital assets will have a greater role to play in their economy over the next few years.
Aussies are bullish on crypto
According to Dale Gillham of Wealth Within, about one in every five Aussies are seeking to invest or are already investing in crypto assets. He added that with an enormous shift from being a cash society, residents are looking at alternatives that the government has little control over like others globally.
However, according to Malcolm Wood of Ord Minnett, the factor cannot be agreed. As the policy and rates normalize in the nation, excess liquidity that has driven the cryptocurrency boom will dissipate. Moreover, following some private meme-coins, Jeffrey Sheen of Macquarie University considers virtual currencies can never compete with fiat in transactions. However, Sheen believes that CBDCs would become a significant part of the transaction landscape.
Will banks provide digital assets services?
According to the experts and economists it has been deemed that major banks in the region would be following Commonwealth Bank of Australia’s (CBA’s) footstep. Notably, the CBA will allow its clients to hold and trade crypto assets through its banking application. And hence 77% of the respondents are expecting that other major banks would be following CBA’s path.
Interest in digital assets continues to soar
According to the survey report it seems like the interest in crypto assets is showing no signs of slowing down. According to Graham Cooke, head of consumer research at Finder, the platform’s crypto adoption index shows that the nation has the third highest rate of virtual currency ownership. Additionally he added that the assets are more trusted in nations with less transparent economies. Simultaneously, the majority of the respondents of the survey believe that virtual assets are a safe haven for individuals in less trusted economies. Although the adoption of cryptocurrencies is dependent on the type of digital assets, banks would push the assets further into the mainstream.
