A new study conducted by YouGov revealed that 75% of Aussies made more than A$10,000 (~ US$7,200) in profit from cryptocurrency investment over the last year — the equivalent to nearly two months salary of an average Australian.
According to the survey, more than one in five Aussie cryptocurrency holders said they made a huge amount of profits worth over A$30,000 (~ US$21,700).
Aussie parents with children below 18 at home were the most likely to make money from their crypto trading activities, with 86% reporting a profit that amounted to A$12,428 (~ US$9,000) on average.
Tommy Honan, head of strategic partnerships at Swyftx, an Australian crypto exchange with more than 320,000 customers, which commissioned the survey, said that the profits were due to the boom in the crypto market which started last year:
“So even though we’ve just come out of a dip in the market we’re still seeing a lot of Aussies reporting profits on their trades over the last 12 months.”
Aussie millennials and Gen X saw significant returns, with around one in five saying they made more than A$20,000 (~ US$14,400) over the last year from crypto.
Aussie parents also appear to have been significantly successful, especially male and crypto users who report a strong or some understanding of the market.
The survey shows that men made an average A$11,357 (~ US$8,226) profit on their crypto investments over the last year, while women made an average of A$9,176 (~ US$6,646).
From a locality point of view, crypto users in Brisbane were the most likely to report a profit with 83% making money, followed by Sydney and Melbourne at 76% and then Perth.
Speaking on the findings, Honan said he expected to see further improvements in the market this year following a market fall in May and June.
According to him, existing investors have been buying the dip in the expectation that Bitcoin could hit the US $100,000 price by year-end but if they are new to crypto, it’s advisable that they do their research before buying.
“At the moment, this is a relatively small proportion of crypto users in the country, just 16 percent report having little or no understanding. But for this group and anyone who wants to grow their confidence, it really is essential to do your research.”