Why Aussies are giving each other CRYPTO for Christmas – and the digital currencies you should choose
- New data revealed Aussies are gifting digital money this Christmas
- Crypto.com surveyed 2,000 people who have bought cryptocurrency this year
- 26 per cent are pondering gifting crypto coins instead of cash or presents
- General manager Karl Mohan said Bitcoin, Ethereum and NFTs are most popular
Australians are considering gifting cryptocurrency to loved ones for Christmas this year instead of cards of cash.
A new survey of 2,000 Australians between 18 to 59 years of age, who have engaged in crypto in the last 12 months, found that 26 per cent are pondering gifting digital currencies over cash.
Karl Mohan, General Manager APAC at Crypto.com in Melbourne, told Daily Mail Australia crypto coins including Bitcoin and Ethereum as well as NFTs (non-fungible tokens) are increasing in popularity.
Australians are considering gifting cryptocurrency to loved ones for Christmas this year instead of cards of cash
‘Like any gift, you shouldn’t gift crypto to someone who would not appreciate it – but beyond that, there is technically no restriction on who you can give crypto to,’ Mr Mohan said.
‘In fact, gifting crypto provides an opportunity to educate and demonstrate the value of it.’
It would be wise to gift it to those who are willing or interested in learning more about the digital trend.
From those surveyed, over half (53 per cent) would contemplate buying Bitcoin and Ethereum, while 41.8 per cent would like to buy coin vouchers and 29.2 per cent said they’d consider NFTs.
‘The uniqueness of crypto gifts is that one can purchase a fraction of a crypto token to match affordability,’ Mr Mohan said.
‘For instance, the smallest unit in Bitcoin is called a ‘Satoshi’, which is one hundred millionth of a Bitcoin (0.00000001).
‘Someone considering buying a crypto gift may consider buying in increments of this fraction to match their affordability and reasonableness.’
Since cryptocurrency is a volatile, high-risk investment, Mr Mohan recommends conducting your own research or speaking to an expert before choosing which coins to buy.
In Australia there are a number of platforms that can be used to buy and trade cryptocurrencies, but some prefer to purchase physical ledger wallets to protect the digital finances.
‘Cryptocurrencies are entering the mainstream with greater consumer and institutional adoption, and this trend is likely to continue in coming years,’ Mr Mohan said.