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Australians make $10k average from cryptocurrency

by Mary Sewell

Despite crypto’s wild swings in value, three-quarters of Aussies still managed to profit from their investment, new research has revealed.

Aussies made more than $10,000 in profit from their cryptocurrency investments in the past 12 months — the equivalent to nearly two months of the average Australian salary.

More than three-quarters of Aussies made a profit from their crypto investments over the last year, too, according to research from YouGov, with the average yield adding up to $10,662.

But more than one in five Aussie cryptocurrency holders said they made a massive amount of profits worth over $30,000, the survey found.

Interestingly, Aussie parents with children under 18 at home were the most likely to make money from their cryptocurrency trading, with 86 percent reporting a profit that added up on average to $12,428.

The crypto market ran hot over the last year, said Swyftx head of strategic partnerships, Tommy Honan, an Australian cryptocurrency exchange with more than 320,000 customers, which commissioned the survey.

“So even though we’ve just come out of a dip in the market, we’re still seeing a lot of Aussies reporting profits on their trades over the last 12 months,” he noted.

“Aussie millennials and Gen Xers saw huge returns, with around one in five saying they made more than $20,000 over the last year from cryptocurrency. Aussie mums and dads appear to have been especially successful, as well as men in general and crypto users who report a strong or some understanding of the market.”

The survey revealed that men earned an average of $11,357 profit on their crypto over the last 12 months, while women earned $9,176.

In terms of location, crypto users in Brisbane were the most likely to report a profit, with 83 percent making money, followed by Sydney and Melbourne at 76 percent and then Perth.

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