In January of this year, the world witnessed a catastrophic fire in the sky over 44 million hectares of Australian bushland, rich in resources, wildlife and humanity. Then, as the victims were rising from the ashes, COVID-19 appeared and the local economy went into lockdown. Gross domestic product shrunk %% in the three months to June, unemployment rose to 7.5% and Australia entered its first recession in 30 years.
Outside of vague news headlines and the Greater Recession, I have found evidence to support this proposal of a large section of the Assyrian population. Bitcoin As a ray of hope
This post is part of Coindesk 2020 review year – A compilation of op-aids, articles and interviews related to crypto and beyond. Chief Executive Officer of Adrian Prologue Independent Reserve, A cryptocurrency exchange.
In November 2020, we conduct annual Independent Reserve Cryptocurrency Index (IRCI) where we surveyed 1,100 ordinary Australians to gauge current feelings about crypto. Seriously, we haven’t looked for existing crypto users, nor have we sampled users on our own exchanges. We wanted to hear from daily Australians at every level and represent our survey of the Australian population.
The data revealed they had significantly improved their confidence and confidence in digital currencies. About one in five Australians now own a crypto, and at 91.4% almost everyone has heard of it. But perhaps even worse is how big the tendency to view Bitcoin as a scam was – from 21.3% in 2019 to now only 17.3%. Instead, Australians now see more potential in the world of value stores, an investment car or money. As influential crypto.
We have also witnessed growing confidence in our exchanges, as we welcome new traders to the drivers. 2020 is our worst month to register an account More Newer signups than our best month in 2012 2013 These are some of the most unusual growth numbers we’ve seen since Independent Reserve 2013 began.
To me it proves that the Aussies are still following the crypto as before, which is when you know how we love to back the underdog. That old story – deliberate perseverance and resilience in the face of adversity – is ingrained in our national mentality. We like to see the little guy take over the system.
In 2020, Bitcoin is the underdog. Opposed to the old and well-established world of central banking and administration, neonatal technology has attracted a fair share of its haters. In particular, JPMorgan CEO Jamie Damon has denied every opportunity to call Bitcoin a fraud and compare it to its weather-related price rise. Tulip bulb bubbles. He even attacked Bitcoin holders themselves, telling them that if they were “stupid enough to buy it” they would “pay for it one day”.
The last three years of the crypto winter have been cold and painfully long and it’s true that bitcoin has sunk to the bottom of the rock. But those who truly believe in its ideals never lose hope.
And then, Bitcoin returns in a gesture of humming, silencing its naysayers to break its previous all-time high and setting an impressive new personal best. In the process, it has won many new fans as MassMutual, the 169-year-old insurance giant who has never before been identified as a Bitcoin believer but only Bought 100 100 million The value of Bitcoin to diversify its own treasury. It has caught the attention of the world Elon Musk now considers Some variations of the Tesla balance sheet,
Even Jamie’s crew is warming it up, JP Morgan’s strategists To admit That purchases like MassMutuals are a clear signal of the growing institutional demand for Bitcoin and critically an important milestone as we move toward mainstream adoption.
All of this is mere legitimacy for those who have already placed bets on Bitcoin for their future. We have more than eight thousand in the Independent Reserve Self-managed super fund (SMSF) Founded by people who have been in crypto for so long, they put their retirement savings into it. The first one was created in 201 in when a knowledgeable painter put ADD $ 41,000 in bitcoin. Today, that account is worth more than 1.2 million AUD. This is an annual return of almost 100% per annum.
By comparison, funding for Australia’s top “aggressive growth” industry has returned 9% per year Over a five-year period.
So, it’s not hard to imagine why 13% of respondents to the IRCI survey are pushing their super funds to start investing in digital assets. If you ask the under-34 age group, this number is even higher; About 30% are interested in the idea and another 25% say they will probably set up an SMSF and do it themselves, they should wait longer.
This is an important insight when the Australian population is rapidly aging. Most pension funds are extroverted and fighting to demonstrate their relevance to the next generation. It can be an interrupted-or-interrupted story to define an era.
This lack of trust and confidence in companies has been going on for some time. This year, big-league investors like Paul Tudor Jones told the world they bought crypto as a hedge against central banks and government action, and Money has to go with the printer Spread like a virus through Twitter, one-third of those under the age of 45 told us that they too were concerned about the process of quantitative easing (Qi) devaluing their assets.
For example, a newspaper headline or a conversation about a crypto bubble going to pop up is probably more about accepting it than blowing it up as a scandal. They forget the positive bias of our nation which is not fighting for victory but fighting anyway. The one who was told to go home is here. This is the little guy we’re going to cheer for in the end.
In the years ahead, I expect to see a lot of suffering for the unintended and unintended consequences of the COVID-19 policy, as well as the effects of the flow of Kiwi. But I doubt it will only strengthen Australia’s strong conviction. To the average person, Bitcoin is still up-and-coming Avoid by the enduring set And struggle to gain recognition on the main stage. Really, that’s what makes it so desirable. And 7% of IRCI respondents admitted that they bought crypto in 2020, but not because of the Kavid-related economic pressures, I can only assume that they will enter the market as soon as they hit the green pasture.
To me, this is one of the best examples of the symbolic Assassin’s Creed that binds us together in times of fear, uncertainty and doubt. We can read through difficult times but we never stop working towards our goals and our optimism for the future is unwavering. We’re still willing to take a pont, we’re still interested in going and we choose to see that others are just focused on risk. Like Bitcoin, we will hang on. Because we love to believe that anything is possible.