The wave of cryptocurrency and blockchain acceptance is sweeping across Australia, as data reveals that nearly one in four Australians now hold crypto assets.
A Significant Segment of Australians Embrace Crypto
On August 16, Swytyx, a recognized crypto exchange in Australia, shared the findings of their annual Australian cryptocurrency survey on Twitter. The study, conducted by global research firm YouGov, indicates that 23% of the Australian populace, or roughly 4.3 million individuals, currently own cryptocurrency.
This uptick in crypto ownership marks a pivotal shift in Australia’s perception of digital currencies, underscoring their growing legitimacy as both a transactional medium and an investment avenue.
Interestingly, the data suggests a pronounced interest in cryptocurrency among the younger generation. Moreover, women in Australia appear to be more inclined towards crypto than men.
While the age group of 18-34 dominates the crypto ownership landscape, older age brackets are also showing a growing interest.
Australia’s friendly regulatory environment for cryptocurrencies might be a driving factor behind this surge. Furthermore, nearly a million Australians have expressed a keen interest in diving into the crypto space in the upcoming year.
Australia’s Stance on Crypto
Despite the global ambiguity around crypto regulations, Australia stands out as a crypto-friendly nation. A study by Finder ranks Australia third in terms of crypto adoption, with a rate of 17.8%.
Globally, Australia ranks 9th in crypto adoption out of 26 countries, surpassing nations like the Philippines and Indonesia, which have witnessed a crypto boom in recent years.
Bitcoin remains the top choice for most Australian crypto investors, likely due to its pioneering status and value. Ethereum comes next, followed by Cardano, Dogecoin, and other digital currencies.
The Reserve Bank of Australia, the nation’s central bank, has been delving into the potential of a Central Bank Digital Currency (CBDC). The bank’s recent CBDC pilot program saw participation from influential figures in the government and financial sectors, aiming to shape the future of Australia’s digital monetary system.
Presently, one in five Australian adults holds cryptocurrencies, with representation from every state. As the crypto realm continues to expand, it’s anticipated that digital currencies might become an integral part of Australia’s financial framework.
