Cryptocurrency and blockchain technology are rapidly gaining momentum and widespread acceptance in Australia, with nearly a quarter of the population now owning cryptocurrency assets.
Almost A Quarter Of The Population Invests In Cryptocurrency
On Wednesday, August 16, Swytyx, an AUSTRAC-registered crypto exchange, unveiled their annual Australian crypto survey results via a Twitter post. According to the cryptocurrency survey conducted by YouGov, a global public opinion and data analytics firm, 23% of Australia’s population now possess cryptocurrency assets.
The result of the survey executed by Swytyx sought to measure the level of adoption within Australia, and 23% accounts for almost 4.3 million Aussies who have been verified to own cryptocurrencies.
The surge in cryptocurrency ownership displays a significant transformation in Australia’s view on cryptocurrency technology which demonstrates the growing acceptance of digital currencies as a legitimate means of transaction and investment within the country.
Reportedly, a large percentage of residents who own cryptocurrency assets are the new generation and surprisingly, it has been revealed that women are more interested in cryptocurrency than men.
While the younger generations, between ages 18-34 hold a considerable portion of crypto investments within the country, there has also been a significant uptick in adoption among the older demographics.
The rapid increase in cryptocurrency’s growth in the country could be attributed to the favorable crypto regulatory framework within the country. Additionally, almost one million residents have revealed a strong interest in cryptocurrency and are poised to join the wave of cryptocurrency investors in Australia within the next 12 months.
Total market cap falls to $10.38 trillion following market crash | Source: Crypto Total Market Cap on Tradingview.com
Crypto Adoption In Australia
Despite the uncertainties surrounding cryptocurrency regulations and investments, Australia has been reported to be one of the most crypto-friendly countries in the world. According to a survey by Finder, the country holds the third-highest rate of crypto adoption at 17.8%.
In terms of crypto adoption, the country ranks 9th out of 26 countries and has surpassed countries like the Philippines, and Indonesia where cryptocurrency activities have surged over the years.
Reports reveal that most Australians favor Bitcoin and own the cryptocurrency. This may be because Bitcoin is the most valuable cryptocurrency and was the first cryptocurrency to gain widespread popularity. The second most popular cryptocurrency in the country is Ethereum, followed by Cardano, Dogecoin, and others.
The Reserve Bank of Australia, Australia’s central bank, has been exploring possibilities of developing a Central Bank Digital Currency (CBDC), and its CBDC pilot program was recently completed.
Key leaders within the government and finance sector participated in the trial, providing insights and expertise to help push the evolution of the country’s monetary landscape with digital currencies.
Currently, 1 out of 5 adults in the country own cryptocurrencies with investors in every state within the country. As cryptocurrency continues to evolve, it is believed that digital currencies may become a staple in Australia’s financial system.
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