Next one year will see involvement of approximately one million Australians in cryptocurrency: Survey

Next one year will see involvement of approximately one million Australians in cryptocurrency: Survey

Around one million Australians are expected to purchase cryptocurrency for the first time over the next one year which is expected to bring cryptocurrency ownership in the country to over five million, with insights from a recent survey, according to Cointelegraph.

As reported by Cointelegraph, the findings came from the second Annual Australian Cryptocurrency Survey by the Australian cryptocurrency exchange Swyftx, which was initiated by research firm YouGov. The survey questioned 2,609 Australians above 18 years of age in early July, with 548 of the survey sample identified as current cryptocurrency holders. The report mentioned that despite implications of the current cryptocurrency winter, which reportedly saw two trillion dollars in digital assets removed last year, Australian cryptocurrency ownership has went up four percent on year-to-year basis, reaching 21% in 2022. 

On the basis of information by Cointelegraph, the report’s insights showed that the value increased by another one million new cryptocurrency owners in 2023, while close to one-quarter of Australians are making plans to buy cryptocurrency over the next 12 months, with millennials, Gen Zers, Aussie parents and those in full-time work expected to purchase. The finding has been correlated with recent data from a bitcoin processor who suggested that the cryptocurrency winter is not preventing widespread adoption, and Luke Ryan, head of content, Coinjar, a cryptocurrency exchange, made the claim that sports sponsorship is helping legitimise cryptocurrency in Australia.

“On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years. The expectation is that we’ll see crypto move into the regulated space next year and, all other things being equal, you’d expect that to trigger growth in adoption, but it isn’t a given,” Tommy Honan, head of strategic partnerships, Swyftx, said. 

Moreover, Cointelegraph noted that according to the survey, lack of sound regulations was shown as the biggest deterrent to investing in cryptocurrency for those who haven’t yet done so, along with a lack of knowledge about how cryptocurrency works and overall market volatility. 

(With insights from Cointelegraph)

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