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December 7, 2021

Cryptocurrency Acceptance in Australia Booming

According to a recent survey, up to 28.8% of Australians use or own cryptocurrency. These findings were presented in a survey for the 2021 Independent Reserve’s Cryptocurrency Index (IRCI). This is a yearly cross-sectional survey conducted by PureProfile. It arrived at these results using a sample size of 2000 Australian people. This 28.8% is an increase from last year’s 18.4% of people who own or use crypto.

What do the Results Mean?

The results imply that there is growing use of cryptocurrency in Australia and in turn in the sector. This is likely driven by pleasant experiences by those who have used or owned crypto. The results of the survey show that 89% of respondents had made money or broken even on their cryptocurrency investments. This is up from the previous year’s 78%.

One leader in the field, Adrian Przelonzny, the CEO of Independent Reserve shared his thoughts on these findings. He stated that the findings did not come as a surprise to him. Przelozny added that cryptocurrency has easily done better than other assets throughout the year. He hypothesized that it is natural that more people are getting interested in crypto, an asset class that doing better than any other on the market.

Best Performing Asset

In another report, Cointelegraph reported back in October that Bitcoin was the best-performing asset class of this year. Przelozny said that he anticipates that this trend will not stop as crypto matures and becomes more stable. He added that the advantage of crypto is that the longer it is being used, the more accepted it becomes. Prezelonzny also expects that we will see that the currency will stabilize eventually and so will the perception of it as a risk for investors.

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The real Risk

Up to 28.6% of respondents of the 2021 Independent Reserve’s Cryptocurrency Index survey said that
if the asset came with better protections, they would invest. This percentage of the respondents were those that do not currently own crypto. Furthermore, 26.6% of respondents said that they would purchase cryptocurrency if regulations for the industry became strengthened.

The Need for Regulation for Cryptocurrency

The growth of Bitcoin exploded but regulations have yet to catch up with it. From the feedback of respondents in these stated researches, it is clear that a certain level of growth is dependent on how secure cryptocurrency is for businesses and investors alike. Without advances in terms of regulation, that level may never be reached.

Przelozny added that he is of the opinion that with regulations we will experience a whole new class of investors entering the space. He referenced Singapore as an example of where this was demonstrated to have occurred after regulations improved there. He further stated that the number of investors older than 65 years of age in Australia would likely contribute to the next boom of Australian-based crypto investors once concerns about regulations are dealt with by authorities and stakeholders alike. From Przelozny’s vantage point, he believes these would-be investors are looking for consumer protection from the nation’s administration. Without this consumer protection, these investors may never venture forth into the crypto market.

Interesting Insights

According to research, the 24 to 34-year-old investors turned out to be the most trusting of crypto. In fact, 27.6% of them stated that they were investing with the desire to become rich from it. However, those that probably don’t buy into the promises of riches are likely people over the age of 65 years old.

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Bitcoin is still the most well-known and famous cryptocurrency. That is according to the 2021 Independent Reserve’s Cryptocurrency Index. 89.1% of Australians stated that they had heard of Bitcoin. 21.1% of respondents also stated owning it. After Bitcoin, Ethereum was next popular with 11% of respondents stating that they had had ownership of the crypto. This is all up from the previous year’s 5%.