Over a Quarter Australians Holds Crypto Assets; Says Survey 

• The majority of crypto holders in Australia are aged 25-44.
• The graph of crypto ownership in Australia is down as of 2021.

Bitcoin is one of the largest cryptocurrencies with the largest market capitalization.More than 70 percent of the world’s population knows about bitcoin, which is getting popular everyday.

According to a survey conducted by Independent Reserve, around 25% of Australians are actively investing in cryptocurrencies. The survey also states that more than 90 percent of Australians are at least somewhat aware of bitcoin.

Let’s compare crypto ownership in Australia over the past four years.We will come to know that it has changed to a great extent, and the graph has increased from 2019 and has maintained its hiking percentage, but as per the recent survey, the graph has decreased in 2022 as compared to 2021.

The graph showed 16.8% of crypto ownership in 2019. After one year, it was noted that the ownership rate of crypto assets in Australia increased and was around 18.4%;After that, in 2021, the crypto ownership graph gained an increase and touched almost 29 percent.

It is quite surprising that the graph of crypto ownership decreased in 2022 and now the total ownership has come down to 25.6 percent.One can speculate that the decrease in crypto ownership affected due to stricter regulations in the country, and crypto winter is one of the significant reasons for the decrease in crypto ownership in Australia.

Independent Reserve has conducted a detailed survey on crypto adoption in Australia, and the graph of crypto adoption by age is as follows

The graph represents crypto ownership in Australia by age, and shows that all age groups from 18 to over 65 had no interest in crypto in 2019, and the graph is under 40 percent for all age groups.

2022 sees an impressive increase in crypto ownership among 18 to 65-year-olds, but the percentage of adoption does not exceed 40 percent.And in 2021, the graph continues to rise, and the major contribution was from the age group of 18-24 years, and the second highest crypto adopter was between the age group of 25-34 years, followed by 35-44 and so on. 

It is important to note that crypto adoption declined in 2022, and those between the ages of 18-24, which was a major contributor to the graph, dropped below 40 percent.

Recently TheCoinRepublic reported that the Australian crypto market is now working to adopt new crypto rules and regulations for Aussies. The Australian financial authorities have initiated talks with the cryptocurrency industry and aim to introduce rules for regulating exchanges next year after FTX’s Chapter 11 bankruptcy filing last week.

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 Australians owned cryptocurrencies as of December 2021.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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