According to a new survey of 2,000 Australians aged 18 to 59 who have used cryptocurrency in the previous 12 months, 26% are considering gifting digital currencies rather than cash
Australians are considering giving cryptocurrency as a Christmas present. Instead of giving cash or cards for Christmas, Australians are considering giving cryptocurrency to their loved ones.
According to a new survey of 2,000 Australians aged 18 to 59 who have used cryptocurrency in the previous 12 months, 26% are considering gifting digital currencies rather than cash.
Crypto coins such as Bitcoin and Ethereum, as well as non-fungible tokens (NFTs), are gaining popularity, according to Karl Mohan, General Manager APAC at Crypto.com in Melbourne.
Cryptocurrency is a type of digital money that can be used to buy goods and services, but it can also be sold for a profit if the price has risen.
Like any gift, you shouldn’t give crypto to someone who won’t appreciate it, Mohan said, but there are technically no restrictions on who you can give crypto to. In fact, giving crypto as a gift allows you to educate and demonstrate its value.
Over half of those polled (53%) said they’d consider buying Bitcoin and Ethereum, while 41.8 percent said they’d consider buying coin vouchers, and 29.2% said they’d consider buying NFTs.
The beauty of crypto gifts is that you can buy a fraction of a crypto token to match your budget, Mohan explained. For example, a ‘Satoshi,’ which is one hundred millionth of a Bitcoin (0.00000001), is the smallest unit in Bitcoin.
He said: If you’re thinking about buying a crypto gift, you might want to buy in this fractional increments to match your affordability and reasonableness.
Owners of various cryptocurrency can sell their crypto for a profit if the price rises, similar to the stock market.