The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has sparked a significant surge in Bitcoin sentiment among Australian investors.
According to the latest findings from the Independent Reserve Cryptocurrency Index,, Australian retail interest in Bitcoin has notably increased, accompanied by a rise in adoption rates in 2024.
Renewed optimism among Australian investors
The Independent Reserve survey, conducted among 2,100 adults, reveals a 25% boost in Bitcoin sentiment following the approval of spot Bitcoin ETFs in the US. This surge in positive sentiment, however, is particularly pronounced among individuals aged 55 and above, where favorability toward Bitcoin surged by an impressive 100%.
Adrian Przelozny, CEO of Independent Reserve, remarked that this shift indicates a phase of renewed optimism and growth in the cryptocurrency market.
Increased interest in spot Bitcoin ETFs
The survey also highlights a growing interest in spot Bitcoin ETFs among Australian investors. Approximately 19% of respondents expressed willingness to invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available.
Notably, respondents aged 25 to 44 exhibited the highest enthusiasm for such investment opportunities, with 29% and 30% expressing interest, respectively.
Bitcoin gains favor, crypto ownership surges
The survey indicates a significant portion of respondents considering Bitcoin as a viable long-term investment option. Around a third of participants stated their likelihood to invest in Bitcoin over the long term via a self-managed retirement fund.
However, preferences regarding access to Bitcoin, whether through a cryptocurrency exchange or ETF, were divided among these respondents.
Overall crypto ownership in Australia has seen a moderate increase of 1.9%, reaching 27.5% between 2022 and 2024. Notably, the most significant shifts in ownership came from individuals aged 55 to 64 and 65 and above, recording increases of 128% and 200%, respectively. This demographic appears to be increasingly recognizing the potential of cryptocurrencies as part of their investment portfolios.
Impact of economic uncertainty
Despite the positive momentum, further adoption of Bitcoin and cryptocurrencies in Australia is hindered by uncertain economic conditions. The survey suggests that while sentiment is on the rise, some investors remain cautious due to prevailing economic uncertainties, which could potentially impact their investment decisions in the cryptocurrency market.
The approval of spot Bitcoin ETFs in the US has catalyzed a notable surge in Bitcoin sentiment among Australian investors, particularly among older demographics. The findings from the Independent Reserve Cryptocurrency Index highlight growing interest in spot Bitcoin ETFs and a significant portion of investors considering Bitcoin for long-term investment strategies.
Uncertain economic conditions continue to pose challenges to widespread adoption. As the cryptocurrency landscape evolves, investors remain cautiously optimistic about the future of digital assets in Australia’s investment landscape.By adhering to these guidelines and presenting the information concisely, the article provides a comprehensive overview of the recent developments in Bitcoin sentiment in Australia, catering to a broad audience interested in cryptocurrency trends and market dynamics.
Source: https://www.cryptopolitan.com/crypto-owners-surges-among-older-australians/