The Australians making a fortune in the ‘Wild West’ of cryptocurrency

By April 30, 2021Bitcoin Business
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And it seems as if the rest of the world is finally catching on to this boom.

The latest research indicates 13 percent of Australians own and trade in Bitcoin, the most well-known cryptocurrency.

Latest research indicates 13 percent of Australians own and trade in Bitcoin, the most well-known cryptocurrency. (60 Minutes)

But there's also a new digital sensation which could be a game changer for savvy investors, with suggestions even more riches are on offer.

'At the start, no one really believed in it ... Now the returns have been thousands of percent'

They're called non-fungible tokens, or NFTs.

"NFT space is like the Wild West," said Naomi Brockwell, an Australian tech and cryptocurrency journalist based in the US.

An NFT is an asset that lives on a digital ledger. It is unique and unable to be reproduced.

Celebrities, sports stars and billionaires have been cashing in on the hype around NFTs. (60 Minutes)

Currently, NFTs are most commonly used for digital artworks but there are strange exceptions.

It's hard to believe, but the world's first ever tweet was recently bought for a staggering $3.7 million.

Celebrities, sports stars and billionaires have been cashing in on the hype around NFTs, with some selling for upwards of $10 million.

Matty Soudagar is one of the biggest NFT investors in Australia. (60 Minutes)

"At the start, no one really believed in it," Matty Soudagar, who is one of the biggest NFT investors in Australia, told reporter Tom Steinfort.

"Now the returns have been thousands of percent."

Lushsux, a Melbourne-based street artist, has changed his artistic canvas from brick walls to computer screens, raking in an estimated $5 million for his NFT creations this year alone.

In an interview with 60 Minutes, Lush says if things go according to plan, his NFT earnings next year will double to an extraordinary $10 million or even more.

But the question remains: can this virtual gold rush stand the test of time as well as Bitcoin seems to have done?

Watch the full story on Sunday on #60Mins after Lego Masters, at about 8.50pm. For more information and to watch full episodes of 60 Minutes, visit 9Now.

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