Pressured by high inflation, Australians are turning to cryptocurrencies
In Australia, inflation levels reached 7.3%, the highest rate in 32 years, prompting an increasing number of investors to shift their focus to cryptocurrencies.
As property and energy prices continues soaring, analysts expect that number to rise further before the end of the year. In order, to preserve their wealth during this turbulent time, Australians have shown increasing interest in alternative financial assets, especially cryptocurrencies.
In the last 2 years, the country's central bank has printed billions of dollars, an attitude that has been considered as the main cause of the 7.3% inflation in the country. Other factors that have negatively affected Australia are the natural disasters that frequently strike the region.
Cryptocurrencies, particularly bitcoin and stablecoins, have become increasingly popular in countries with high inflation and economic problems.
A renowned local research center revealed that last year 17% of Australians had some exposure to digital assets. The company estimates that this share has increased to around 23% in 2022. Bitcoin is the most popular cryptocurrency, while Ethereum, Cardano and Dogecoin are also top choices for domestic investors.