One group of Australians is making more money from Bitcoin than everyone else

Manjunath Kiran/AFP/Getty Images

Recent research has helped identify which Australians are cashing in on the Bitcoin boom.

The figures suggest that the overwhelming majority of Australians who own Bitcoin are male, white and aged under 34. Geographically, the results found that the majority of Bitcoin activity is taking place on the east coast of Australia.

The findings are based on analysis by Bitcoin.com.au, which surveyed 1,200 users who are involved in the market, either as active participants or observers.

Bitcoin.com.au provides a trading platform for people to buy and sell the cryptocurrency. It closed an $815,000 Series A funding round in July.

Only around 10% of those surveyed were women, which reflects a broader global, trend according to bitcoin.com.au’s CEO Rupert Hackett.

“In 2015, a CoinDesk report estimated only 8.2 percent female users, but I believe this is slowly changing,” Hackett said.

Among those surveyed, most said that they were holding Bitcoin as an investment rather than using it for transactions. Less than 10% of respondents said they used Bitcoin on a daily basis.

Almost three quarters (70%) of participants said they that owned less than one Bitcoin.

A lucky few (3%) reported that they owned at least 25 Bitcoins. At current Bitcoin prices, 25 Bitcoins equate to a total value of around $134,300.

“Users highlighted the values of no central authority, transaction privacy and global acceptance as key reasons why they owned Bitcoin,” Hackett said.

According to the survey, 50% of respondents cited theft via the hacking of the Bitcoin network as the biggest risk in holding the crypotcurrency.

Hackett believes that Australia will eventually follow Japan’s lead in setting up a legal and regulatory framework around the currency.

Japanese parliament passed legislation effective from April 1 this year, which established the regulation of Bitcoin exchanges and categorised the cryptocurrency as a legal form of payment for transactions.

A short time ago, Bitcoin was trading at $5,372.10, slightly below its record high earlier this week:

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