Is Australia Adopting Crypto Besides High Inflation?

As per the recent report, the annual inflation rate in Australia rose to 7.3% in the third quarter (Q3) of this year from 6.1% in the second quarter (Q2.)
Additionally, the IRCI report showed that 28.8% of Austrailians owned cryptocurrencies as of December 2021.

Crypto Adoption in Australia

A Independent Reserve Cryptocurrency Index (IRCI) report, IRCI Australia 2021 states that the ownership of crypto assets rose rapidly by a massive 56% in 2021. 28.8% of Australians said they have owned cryptocurrency, up from 18.4% in 2020.

The following index report was prepared while engaging leading consumer research institutions PureProfile to conduct a cross-sectional survey to gauge Austrailian’s crypto adoption with more than 2,000 Austrailians.

On the other hand, the annual inflation rate in the country is the highest in over 32 years as the annual inflation rate has reached 7.3% in Q3 of 2022. Additionally, on the quarterly basis, the consumer price reached up 1.8%, following the same pace of Q2 that remained the steepest pace since the introduction of the Goods and Service Tax as compared to consensus of 1.6%.

Cryptocurrency Adoption Index in Australia

According to Finder’s Cryptocurrency Adoption Index, October 2022 report, 4.1 Million of Australians own crypto, in which 61% of the crypto owners have Bitcoin. While, Aussie’s men seem 1.5x more likely than women to adopt cryptocurrency.

In addition, the country ranks 5th out of 26 countries for crypto adoption, in the Finder’s Crypto Adoption October-2022 report. And the crypto ownership rate in the country is 20%, which is quite higher than the global average of 14%. It must be noted that globally, ownership sits at 14% for the October 2022 report, following 15% in the last report.

Proceeding towards the cryptocurrency ownership percentage by coin, approximately 12% of Australians said they own Bitcoin (BTC), with 9% said they own Ethereum (ETH), 4% own Dogecoin (DOGE) and 3% own Cardano (ADA).

Now, moving further with the most popular cryptocurrencies in Australia, which is no doubt, Bitcoin which is having around 61% of ownership. It is above the global average, that is at 36%. However, the next one in the list is none other than Ethereum, which is having around 44% of crypto owners – above the global average 23%.

In continuation, Dogecoin in the country also sits above the global average of 19%, as it is owned by roughly 21% of Australians. And, lastly, Cardano marked its presence in the list with having around 17% of crypto owners in the Country.

Well, on October 25, 2022, Jim Chalmers, Treasurer of Australia, presented the October Budget 2022. In which he stated that “Our Budget puts a premium on what’s responsible, affordable and sustainable, and creates more opportunities for more Australians.”