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New Survey Shows Australian’s Love for Crypto is Fueled by These Noble Drives

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Australians appear to be more knowledgeable in their investment strategies as many are beginning to buy into cryptocurrencies for the right reasons. As highlighted in a recent survey conducted by BTC Markets, it was shown that acquiring digital assets was not a function of ideas to get rich quickly, rather, investors who are purchasing digital currencies are doing so to build wealth, and for retirement purposes amongst others.

Per the survey, 70% of the respondents to the survey said their sole aim of embracing crypto is to build wealth. This is a possible scenario seeing the high rate of growth of established coins compared to traditional investment assets. 34% of respondents buy-in to crypto so they can fall back on the gains when they retire, with some 28% affirming their aim to be portfolio diversification.

Cryptocurrencies have matured when compared to the level it was in the past decade. Today, institutional investors, as well as retail buyers, are all bullish on Bitcoin (BTC), Ethereum (ETH), and other altcoins with unique fundamentals.

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“The motivations for investing in cryptocurrency are many and varied. A majority of respondents to our survey, 70 per cent, say they are looking to build wealth. A significant percentage, 34 per cent, say that one of their goals for investing in cryptocurrency is to retire early.”

The reasons for acquiring crypto also span such needs as paying down for debts (at 12%), and in starting a business claimed by 4% of the respondents.

Diversity in Investor’s Portfolio

The investors who responded to the BTC Markets survey show diversity in their investment portfolios. This trend shows that despite the rising popularity of crypto assets, the bulk of investors are not in it for the frenzy attached to meme-tokens.

Of the total respondents, as much as 63% said they have investments in stocks or shares, 29% have injected capital in investment properties, while 20% said they have funds in precious metals including Silver and Gold. Of the profiled investors, only 20% said they hold only cryptocurrencies.

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Drawing on this diversity, the report reads;

“This spread of investments across a wide range of asset classes consolidates the view that a large majority of investors are not using cryptocurrency as a “get rich quick” investment. Instead, it is as part of a carefully considered asset allocation strategy for an overall wealth portfolio”

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Facebook Begins Piloting Its Crypto Wallet in U.S.

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Facebook has finally started rolling out its digital wallet

Social media giant Facebook has started rolling out its Novi digital wallet in the U.S. and Guatemala, according to an announcement posted by the company’s blockchain exec, David Marcus, on Twitter.

The purpose of the pilot is to test the wallet’s key features in the wild.

While stablecoins are typically used by traders for parking their gains, Marcus hopes that the trial will be able to showcase a new use case:

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We’re also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they are typically used today.

Notably, Facebook will be trialing its wallet with Paxos’ Pax Dollar as a cloud of regulatory uncertainly continues to hang over its own stablecoin project.

Coinbase’s custodial arm will be responsible for safeguarding users’ funds.

Initially named “Libra,” the project ditched its controversial structure along with the moniker after stumbling upon regulatory roadblocks in 2019, and it was reintroduced as Diem in April 2020.

Marcus announced that the Novi crypto wallet, which was initially named “Calibra,” was ready to come to market in August.

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UK investors have lost $200M in cryptocurrency scams since 2021

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  • Investors in the UK have lost over $200 million in cryptocurrency scams since this year. 
  • About 558 of the fraud reports were related to fake celebrity endorsements.

Cybercriminals are still capitalizing on the growing attention and popularity of digital currency to siphon money from unsuspecting investors. Recently, the fraud and cyber reporting center of the United Kingdom (UK), Action Fraud, disclosed that the residents have lost over $200 million (or £146,222,332) in cryptocurrency scams since the beginning of the year.

Cryptocurrency scams up 30% in UK

The losses so far already represent a 30 percent increase from the record last year. The Action Fraud said investors have filed 7,118 reports of cryptocurrency scams since January, most of which were from people below the age of 50 years, losing over $28,000 (£20,500) on average. The majority of the victims (52%) were aged between 18 and 45.

“Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online,” said Temporary Detective Chief Inspector Craig Mullish from the City of London Police. “Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

Fake celebrity endorsements

The Action Fraud noted that some of the cryptocurrency scam reports they received were connected to fake celebrity endorsements. We have reported several cases where cybercriminals impersonate well-known figures or use fake testimonies to deceive people into investing in their projects. 

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Between April 2020 and March 2021, about 558 UK investors filed fraud reports involving “bogus celebrity endorsements,” and 79% of all the inventors who fell for these scams said it was crypto-related. 

As recently as October 15, Cryptopolitan reported that scammers made away with about $1.4 million from Tinder users who were tricked into a fake Bitcoin dating app. 

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Here’s Why Billionaire Real Estate Mogul Barry Sternlicht Owns Two Different Crypto Assets

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Billionaire and real estate magnate Barry Sternlicht says that he owns Bitcoin (BTC) and Ethereum (ETH) for a number of reasons.

In a new interview with CNBC’s Squawk Box, the chief executive of Starwood Capital says that he’s invested in crypto due to his concerns regarding endless money printing and what he sees as questionable monetary policies.

“The reason I own BTC is because the US government and every government in the Western hemisphere is printing money now until the end of time, And this is a finite amount of something, and it can be traded globally and people have fiat currencies whether it’s in Nigeria or… Bolivia or wherever, you can move into something that the world has accepted as a substitute for gold.”

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Referencing JPMorgan CEO Jamie Dimon who said he thinks Bitcoin is “worthless”, Sternlicht argues that the same case could be made for gold.

“What Jamie Dimon talked about, I mean gold is kind of worthless too, silver [as well], they have some industrial uses, but they’re minor.”

The billionaire says that while Bitcoin is minimal in its purposes, he sees high potential in Ethereum’s ecosystem, plus all of blockchain technology in general.

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“Since it’s 18 million float of 21, I think Bitcoin… It’s the biggest. It’s a dumb coin, it has no real purpose other than a store of value, and it’s a little crazily volatile. So Ether, which is right below it, I own some of that. That’s a programmable Bitcoin, and then there are tons of other coins that are built off of that system… I’ve become very interested in blockchain technology as a whole, the digital ledger is going to change everything…”

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