The Australian Central Bank Believes Dogecoin’s Adoption is Over Exaggerated
DailyCoin
Published Nov 18, 2021 08:19AM ET
Updated Nov 18, 2021 08:31AM ET
The Australian Central Bank Believes Dogecoin’s Adoption is Over Exaggerated
Meme coins have gained massive attention in 2021. The first meme coin, Dogecoin (DOGE), became popular among investors due to support from billionaire Elon Musk and hype from its community.
In October, Finder’s Cryptocurrency Adoption study reported that Dogecoin (DOGE) is Australia’s fourth most popular crypto. In addition, the study revealed that 4.1% of the Australian population holds Dogecoin. In the United States, the DOGE adoption rate is as high as 30.6%.
Doge Isn’t All That Popular Despite being in the top 10 largest cryptos, a Reserve Bank of Australia official believes that the Dogecoin popularity and adoption rate in Australia is over exaggerated.
He pointed out that Dogecoin, “a cryptocurrency that was started as a joke in late 2013,” had hit a market cap as high as $88 billion in June, only to be valued at $30.5 billion today, says a lot about the crypto market.
On The Flipside
- Despite questioning the popularity of cryptocurrencies in Australia, Tony Richards confesses to having his own cryptocurrency wallet
Dr. Richards, head of payments at the RBA, explained that such findings are implausible, with online surveys missing out on important population segments.
He further explained that these findings could be wrong because they miss out on older people, those who live in regional areas, and those who do not regularly access the internet.
As of 2019, 33.6% of Australia’s population were aged 50 and above. And, with the internet penetration at 89% in Australia, it leaves a significant portion of the nation’s population unaccounted for.
Why You Should Care?
Surveys, especially those conducted online, cannot be entirely relied upon as facts. Because of their limited scope, the results of online surveys are best regarded as tentative
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