As Bitcoin continues to hit new highs Australians are flocking to the digital foreign money, in keeping with Australia’s longest-running and most sturdy crypto analysis, the Impartial Reserve Cryptocurrency Index (IRCI).
Performed yearly, and now in its fifth 12 months, the IRCI is a nationwide survey offering a benchmark for the notice, belief and confidence that on a regular basis Australians have in digital currencies. The 2023 survey was postponed to early 2024 to seize the impression of the Bitcoin spot ETF, accepted in January 2024.
Bitcoin rallied in March, hovering to report highs of over $100,000. This outstanding rally, fuelled by report day by day inflows for the newly-approved spot Bitcoin ETFs and investor anticipation of the upcoming April Bitcoin halving, alerts a renewed sense of optimism for the digital asset.
With 93% of Aussies accustomed to Bitcoin, it continues to be essentially the most extensively recognized digital asset. Since 2019, Australians’ consciousness of Bitcoin has grown from 87% to 93%.
Cynicism round Bitcoin is at all-time lows, with fewer individuals contemplating it to be a rip-off – down from 14% in 2019 to six% in 2024. 69% of Australians think about Bitcoin to be both cash, a retailer of worth or an funding asset, up from 63% in 2022.
The approval of the Bitcoin ETFs has lifted Australians’ notion of Bitcoin, with 25% of Australians saying they view Bitcoin extra favourably following the Bitcoin spot ETF approval.
With the present value data and the subsequent Bitcoin halving approaching in April, it’s no surprise Bitcoin stays a favorite amongst crypto traders, with 63% possession. Greater than half (52%) of crypto traders favor Bitcoin over different digital belongings.
Impartial Reserve CEO Adrian Przelozny stated, “There’s little doubt that in relation to consciousness, possession and crypto choice, Bitcoin stays the primary alternative for almost all of Australians.
“There’s a palpable shift in Aussie consciousness of, and sentiment in the direction of cryptocurrencies, and this has been pushed primarily by Bitcoin and the worldwide Bitcoin spot ETF approvals.
“In 2023, Bitcoin propelled many traders into profitability, solidifying its place because the undisputed digital gold, and with the subsequent Bitcoin halving approaching in April, 2024 guarantees to be a bullish 12 months.
“With the best way issues are going presently, we may very well be in for a supercycle – we’re hitting all-time highs earlier than the bull market historically begins in crypto,” Przelozny added.
Australian crypto traders’ sights are firmly set on Bitcoin because the April halving approaches, with 41% planning to double down on Bitcoin this 12 months.
