Do Your Own Research. It’s one of the most popular terms in the cryptocurrency community. It’s a reminder to take control of your own money and in the exciting world of crypto, NFTs and blockchain, it’s really important as markets can move very quickly and it takes time to build your knowledge.
Australia tops crypto interest
A new report by Forex Suggest, a Forex trading platform, has named Australia the country with the highest level of cryptocurrency interest, with over 1,000 more searches per 100,000 people than second place – Ireland.
The findings also showed that the crypto market in Australia has rapidly grown with almost 18 percent of Australia’s population holding cryptocurrencies as of 2021.
Overall, Australia stands as the 15th most crypto-ready country in the world, tied with the Netherlands. Factors assessed included distribution and accessibility of crypto ATMs, legislation and taxes regarding cryptocurrency, the amount of blockchain start-ups and active searches for cryptocurrency.
And whilst the latest ATO statistics (March 2022 quarter) show the number of SMSF crypto investors are still in their infancy, there is positive crypto sentiment as we see cryptocurrency asset distribution percentage has doubled amongst the newly established funds of less than $50,000 (compared to 2018-19).
With all the research reports and market analysis, it’s always important to take control and DYOR.
DYOR is an acronym for Do Your Own Research. It has become one of the most popular terms in the cryptocurrency community, encouraging individuals to think for themselves and conduct due diligence before investing in a cryptocurrency. Ultimately, the DYOR reflects the core ethos of crypto—don’t trust, verify.
Whether this is your first SMSF or you’re an experienced manager, we’ve curated a short course of resources so you can get all your questions answered:
Cointree is a digital currency exchange, founded in Melbourne in 2013, helping over 100,000 investors access the world of crypto. Cointree is on a mission to educate and excite Australians about digital assets, providing all the advanced tools to buy, sell, trade, and grow their investment portfolios with Bitcoin, Ethereum and 280 other cryptocurrencies.
Cointree has partnered with MyExpertSuper and integrated with BGL Simple Fund 360 to allow clients to easily add crypto to their portfolios. Winners of the 2022 Finder Best Crypto Exchange in Australia for SMSFs.
Cointree is a registered digital currency exchange with AUSTRAC (the Australian Government regulatory and monitoring body for AML/CTF) and a partner of Blockchain Australia.
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Disclaimer: Information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.