A poll of more than 2,000 Australian investors revealed cryptocurrency to be a more popular investment than gold and silver.

Undertaken on behalf of BTC Markets during February, the survey found that 12.6% of Australian investors hold Bitcoin or other cryptocurrencies, compared to 12.1% holding precious metals.

The findings showed cryptocurrency investors favour Bitcoin and Ethereum, with 83.2% holding Bitcoin and 42% holding Ethereum, followed by Ripple with 28.5%, Litecoin with 18%, and Bitcoin cash with 12%, Cointelegraph reports.

In addition, the research showed that around one-third of crypto investors in Australia made their first investment after the coronavirus-fuelled market crash in March last year.

Another poll carried out last October showed 39% of respondents found Bitcoin more appealing after the pandemic started.

Although many digital currencies rallied to record highs in recent months, 51% of Australian investors said they had no plans to sell their cryptocurrency any time soon, with 31% planning to exit after a minimum of three years of holding.

Out of the 49% looking to sell or take profits, one in five are planning to reinvest the capital back into cryptocurrencies.

The biggest demographic of Australian cryptocurrency investors (36.3%) in the poll were aged between 25-34, followed by those aged between 35-44 at 30.1%. 

BTC Markets CEO Caroline Bowler said that a growing number of older people are investing in crypto, with the over-60s doubling in recent years: “In the last 12 months, we have seen a shift from 25-45-year-old males to a much broader age group, particularly early retirees who are interested in diversifying their investment portfolio and are catching up with this fastest-growing asset class.”

The findings are, in the main, in line with other polls, including one in December revealing one in five Australians owned cryptocurrency in 2020.