IT Brief New Zealand - Technology news for CIOs & IT decision-makers
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Kiwi crypto investors more confident in finances, says Binance study
Thu, 16th Nov 2023

New research reveals that cryptocurrency investors in New Zealand are more financially confident than those who do not invest in crypto. The findings come from a recent survey conducted by Clarity Insight on behalf of Binance New Zealand.

The research spanned New Zealand and Australia, involving 745 Kiwi and 807 Australian respondents. The results illustrate a vivid image of varying investor behaviour and sentiment within the cryptocurrency landscape. Half of the crypto investors in New Zealand feel confident in making their own investment decisions, compared to 38% of non-crypto investors.

Furthermore, 57% of crypto investors believe it is easy to manage their personal finances, a slight increase compared to 53% of non-crypto investors. The study also reveals that one in five of these crypto investors in New Zealand also have a traditional investment fund under their management.

According to the survey, 55% of crypto investors in New Zealand regard themselves as financially stable or thriving. In comparison, this sentiment is felt by only 50% of non-crypto investors. The investor approach differs between the two groups, with 25% of Kiwi crypto investors adopting an aggressive and high-risk investment strategy compared to 19% of non-crypto investors.

Ben Rose, General Manager of Binance Australia, New Zealand, and the Pacific Islands, suggests that these findings are logical as he believes Kiwi crypto investors will likely be more sophisticated. He stated, "There are some negative stereotypes out there about crypto users, but I'm not surprised that they'd view themselves as more confident making financial decisions."

"You'd expect those that are financially savvy to be more comfortable diversifying their portfolio with newer investment options if they see the value there."

Alongside their crypto investments, one in five crypto investors in New Zealand and Australia report having a traditional investment fund under management. 17% of New Zealand crypto users surveyed have $100,000 thousand or more in overall investments.

The contrast in market outlook between Australia and New Zealand is also noteworthy. Around 45% of Australian crypto investors feel bullish about crypto, compared to just 23% of Kiwi investors. However, despite Australia's general bullish market sentiment, only 17% of Aussie crypto investors adopt an aggressive and high-risk investment approach, compared to 25% of Kiwi crypto investors.

This extensive survey also highlighted widespread awareness of cryptocurrency among non-users in both New Zealand and Australia, with awareness levels reportedly at 93% and 86%, respectively. Despite this high level of awareness, the study reveals that knowledge of cryptocurrency is limited, particularly among non-users.

Reflecting on the future of crypto in New Zealand, Rose predicts that New Zealand will undoubtedly join the rest of the world in terms of crypto investors. He adds, "That's why we invest in initiatives like Binance Academy with free resources for anyone interested in Web3, blockchain or crypto. We're also doing a university tour here and in Australia."

"We've recently presented at Canterbury University and look forward to heading to universities in Auckland next year to introduce young people to the basics of blockchain technology."