Home News Massive jump in number of Australians who own crypto

Massive jump in number of Australians who own crypto


According to the Independent Reserve’s Cryptocurrency Index (IRCI) study of more than 2,000 persons conducted in 2021, the percentage of Australians who own or have owned crypto has increased to 28.8%, up from 18.4% in 2020.

The data suggest that people who own crypto have had a positive experience. With 89% of those asked claiming to have made money or broken even, up from 78% in 2020.

These results did not surprise Independent Reserve CEO Adrian Przelozny, who emphasised that it has become “very difficult to get returns on investments” in the current market.

“Over the previous 12 months, cryptocurrency has comfortably outperformed every other asset”, he said, before adding:

“It’s only logical that more individuals are showing interest in an asset class that is plainly beating the market.”

According to sources, in October, Bitcoin (BTC) was declared the official best-performing asset class for 2021.

Przelozny expects this pattern will continue as cryptocurrency matures and becomes less volatile. He observed, “The longer it exists, the more acceptable it gets”.

“I expect that the volatility and perceived risk of this investment will dwindle with time.”

If improved consumer protections were in place, 28.6% of individuals surveyed by the IRCI who do not presently own crypto said they would invest. Another 26.6% indicated they’d purchase cryptocurrency if the industry’s regulation was more stringent.

Regulation is pivotal for further growth

“The market still urgently requires regulation to catch up and provide greater protection for both investors and bitcoin firms”, Przelozny stated.

“I believe that once regulation is in place, a whole new class of investors will enter the market. And I believe we’ve seen something similar in other countries, such as Singapore.”

As these regulatory issues are overcome, Przelozny believes that older Australians over 65 will be the next large wave of investors.

“They’re waiting for government consumer protections before jumping into the crypto sector.”

In fact, those aged 24 to 34 were the most trusting of crypto, with 27.6% declaring they got in to make money. While those aged 65 and up were the most sceptical.

According to the IRCI, Bitcoin is the most well-known and popular cryptocurrency. With 89.1% of Australians having heard of it and 21.1% possessing it. Ethereum is the second most popular crypto asset, with 11% reported ownership, up from 5% in 2020.

PureProfile conducts an annual cross-sectional survey of more than 2,000 Australians called the IRCI. Independent Reserve claims that their sample reflected the gender, age, and geographic dispersion of the country.

Grayscale finds that over 25% of US households surveyed currently own Bitcoin

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