CRYPTOCURRENCY UPDATES: CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA. | VERY USEFUL 5 MIN READ:

CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS
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CRYPTOCURRENCY UPDATES: CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA:

CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA, WE WILL DISCUSS THIS IN DETAIL.

JOE LONGO, THE CHAIR OF THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC), HAS EXPRESSED ALARM OVER THE NATION’S SHARPLY RISING INTEREST IN VIRTUAL CURRENCIES. THIS IS BECAUSE A POLL INDICATES THAT YOUTHFUL ASSET CLASS INVESTORS ARE UNAWARE OF THE ASSOCIATED HAZARDS.

CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS

CRYPTOCURRENCY UPDATES ON CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA:

FOLLOWING THE COVID-19 PANDEMIC’S FEROCITY, THE USE OF DIGITAL CURRENCIES HAS SKYROCKETED WORLDWIDE. AUSTRALIAN INVESTORS HAVE JOINED THE TREND, AS SHOWN BY HISTORICAL PATTERNS AND A RECENT POLL.

ON AUGUST 11, THE ASIC PUBLISHED RESEARCH ON AUSTRALIAN INVESTORS’ INVESTMENT HABITS. THE PURPOSE OF THE REPORT 735 RETAIL INVESTOR RESEARCH (REP 735) WAS TO EXAMINE THE ATTITUDES, ACTIONS, AND REASONS THAT HAVE DRIVEN INVESTOR EMOTIONS SINCE THE COVID-19 PANDEMIC’S INCEPTION.

UP TO 44% OF THE 1,053 RETAIL INVESTORS WHO RESPONDED TO THE STUDY DISCLOSED HAVING ASSETS IN CRYPTOCURRENCIES. THIS INDICATES THAT AS DIGITAL CURRENCIES GAIN WIDESPREAD ACCEPTANCE, PUBLIC INTEREST IN THEM IS EXPANDING. DIGITAL CURRENCIES ARE CURRENTLY THE SECOND-MOST-HELD ASSET TYPE, ONLY AFTER AUSTRALIAN SHARES.

THE STUDY ALSO REVEALS THAT NEARLY ONE-FOURTH OF RETAIL INVESTORS HELD ONLY DIGITAL CURRENCIES. ACCORDING TO THE RESEARCH, THREE OF THE NEXT MOST POPULAR APPLICATIONS ARE DIGITAL CURRENCY PLATFORMS, EVEN IF BANKING APPS CONTINUE TO BE THE MOST POPULAR AMONG INVESTORS.

ONLY 20% OF INVESTORS IN DIGITAL CURRENCIES ARE AWARE OF THE RISKS, WHICH RAISES LONGO’S CONCERNS.

ACCORDING TO LONGO, “WE ARE CONCERNED ABOUT THE PERCENTAGE OF RESPONDENTS WHO REPORTED INVESTING IN UNREGULATED, VOLATILE CRYPTO-ASSET PRODUCTS. THE APPEAL OF CRYPTO-ASSETS TO THE MARKET AT THIS SPECIFIC TIME IS HIGHLIGHTED BY THIS RESEARCH, HE CONTINUED.

LONGO EMPHASISED THE FACT THAT MANY INVESTORS ARE UNAWARE OF THE DANGERS ASSOCIATED WITH DIGITAL CURRENCY. HE CONTINUED BY SAYING THAT IT IS CONCERNING BECAUSE THERE IS NO CONSUMER PROTECTION IN THIS AREA. HE NOTED THAT AT THIS TIME, REGULATION IS CRUCIAL TO KEEP UP WITH THE EXPANDING POPULAR ACCEPTANCE.

IN 2021, CYBERCRIME ROSE BY 13% IN AUSTRALIA:

NEVERTHELESS, THE ASIC HAS MADE AN EFFORT TO STOP FRAUD IN THE DIGITAL ASSET SECTOR. ASIC AS WELL AS THE AUSTRALIAN COMPETITION AND CONSUMER COMMISSION (ACCC) HAVE JOINED FORCES TO TARGET BOGUS WEBSITES IN THE INDUSTRY. BOTH AGENCIES USED NETCRAFT METHODS TO IMPLEMENT A STRATEGY AGAINST PHISHING SITES.

DIGITAL CURRENCIES HAVE ESPECIALLY GAINED POPULARITY AMONGST THE BROADER AUSTRALIAN PUBLIC. AS OF DECEMBER 2021, ACCORDING TO THE MOST RECENT INDEPENDENT RESERVE CRYPTOCURRENCY INDEX (IRCI), 28.8% OF AUSTRALIANS WILL HAVE SOME EXPOSURE TO CRYPTOCURRENCIES. 72% OF THEM CURRENTLY OR PREVIOUSLY OWN BITCOIN.

CRIME RATES RISE AS ADOPTION RATES RISE. AUSTRALIAN INVESTORS LOST $2 BILLION TO FRAUD LAST YEAR, ACCORDING TO THE ACCC. AN ASTOUNDING $701 MILLION OF THIS WAS THE RESULT OF FRAUDULENT ACTIVITY. THE NUMBER OF CYBERCRIMES IN THE NATION INCREASED BY 13% IN 2021 AS WELL.

CONCLUSION ON THE CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA:

TO CONCLUDE ON THE CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA, THE RISKS IN THE DIGITAL CURRENCY ARE NEGLECTED BY MANY AS THEY ARE UNAWARE OF IT. BE CAUTIOUS ABOUT THE DIGITAL CURRENCY OR CRYPTOCURRENCY INVESTMENTS, TO AVOID FUTURE TROUBLES.

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CRYPTOCURRENCY UPDATES: CONCERNS ABOUT A RISING NUMBER OF RISK-AVERSE ON CRYPTO INVESTORS ARE EXPRESSED BY THE CHAIR OF ASIC IN AUSTRALIA. | VERY USEFUL 5 MIN READ:

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