Do 5% of Australians really own Dogecoin? An RBA official doesn’t believe it.
While Dogecoin undoubtedly captured the hearts and minds of investors earlier this year, it may not be as popular as people think, according to an RBA official. RBA head of payments Tony Richards has questioned the accuracy of surveys showing high cryptocurrency adoption rates.
Specifically, he cited a recent survey that showed 5% of all Australians own the meme cryptocurrency Dogecoin. Richards explained that such online surveys likely exclude the elderly and areas with poor internet connectivity.
The RBA official pointed out that the market cap of the meme cryptocurrency reached a staggering $88 billion earlier this year, which he believes shows the state of the market.
No Threat to Australian Dollar
Richards does not think they pose a threat to the Australian dollar, as he does not believe cryptocurrencies will be widely adopted as a means of payment despite the rapid spread:
“I hardly see stores posting their prices in cryptocurrencies, or companies that do their annual reports in cryptocurrencies, or people who want to get paid in cryptocurrencies. ”
He believes investors can be more vigilant about the risks associated with cryptocurrencies, such as regulatory uncertainty, environmental impacts, and criminal use cases. Despite being a cryptocurrency skeptic, Richards created a crypto wallet in 2014 when he learned about new payment instruments as part of his job.
