Almost one-in-five Australians now owns a form of cryptocurrency, according to a recent survey.

That figure is as high as one-in-three for Gen Z.

Tom Elliott fears many people investing in cryptocurrency don’t understand the potential risks they’re taking, given it is a speculative investment.

Alex Saunders, Founder and CEO of Nugget’s News, said there was no doubt digital currency was booming.

“I should be clear, I’m probably one of the biggest believers in cryptocurrency in Australia, but 99 per cent of these are going to fail, or they’re scams,” he said.

Press PLAY below to hear his insight!