Dogecoin Adoption Is Likely Exaggerated, Says Reserve Bank of Australia

Tony Richards, head of payments at the Reserve Bank of Australia, questioned the veracity of surveys showing the rapid adoption of cryptocurrency. According to him, while Dogecoin captured minds of investors earlier this year, it may not be as popular as people think.

Richards mentioned one recent study that shows that 5% of all Australians own the Dogecoin meme-cryptocurrency. He explains that such online surveys are likely to exclude older people and areas with poor internet connection. Despite the rapid spread of cryptocurrencies, Richards does not believe that they pose a threat to the Australian dollar, as he does not believe that they will become widespread as a means of payment.

The head of payments at the Reserve Bank of Australia noted that he does not yet see stores that post their prices in cryptocurrencies, companies that do their annual reports in cryptocurrencies, or a large number of people who want to receive payments in cryptocurrencies. He also believes that investors will be more vigilant about the risks associated with cryptocurrencies, such as regulatory uncertainty, cryptocurrencies impact on the environment and criminal cases.

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