Australians’ curiosity and funding in crypto stays excessive and continues to achieve momentum, with sentiment demonstrably shifting to a section of renewed optimism and progress, in keeping with Australia’s longest-running and most strong crypto analysis, the Unbiased Reserve Cryptocurrency Index (IRCI), launched at the moment.
This comes regardless of rising rates of interest and price of dwelling pressures impacting traders’ portfolios, forcing gross sales and inflicting others to stay on the sidelines.
Carried out yearly, and now in its fifth yr, 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 affect of the Bitcoin spot ETF, accredited in January 2024.
The crypto business confronted a number of challenges in 2023, together with the fallout from the FTX saga and the collapse of Signature Financial institution. Regardless of this, this yr’s IRCI knowledge demonstrates that Australians’ curiosity and funding in crypto stay excessive and proceed to achieve momentum with consciousness of crypto reaching a brand new excessive of 95%, up from 92% in 2022. The age group with the best consciousness of crypto was these aged 35-44 (98.6%).
Aussie crypto possession charges elevated to 27.5% from 25.6% in 2022. In 2019, possession was simply 16.8%.
Anticipation of the primary Bitcoin spot ETFs propelled Bitcoin’s worth greater than 150% greater throughout 2023 and with the subsequent Bitcoin halving approaching in April, it’s no marvel Bitcoin stays a favorite amongst crypto traders, with 63% possession. Greater than half (52%) of crypto traders desire Bitcoin over different digital belongings.
Over the past 12 months, rates of interest and inflation have elevated dramatically, driving up the price of dwelling for all Australians. The price of dwelling crunch has unsettled crypto traders, with virtually 1 / 4 (24%) pondering of promoting or partially promoting their crypto portfolio to assist them address the rising prices.
Australians who don’t spend money on crypto stated they wished extra regulation (36%) and higher shopper protections (38%) earlier than investing.
Underneath a brand new regulatory regime for cryptocurrency exchanges, the Federal Authorities would require crypto exchanges to carry a monetary companies licence issued by the company regulator to cut back dangers for traders. This landmark growth guarantees to deliver the business higher confidence and certainty, paving the best way for institutional funding and broader adoption.
Unbiased Reserve CEO Adrian Przelozny, stated, “Our 2024 IRCI outcomes replicate higher consciousness of crypto, greater adoption charges and a rise in medium-term confidence with an increase within the variety of individuals prone to spend money on the subsequent 12 months.
“This comes regardless of the present financial uncertainty for a lot of Australians with the elevated price of dwelling and rising rates of interest.
“The palpable shift in Aussie consciousness of, and sentiment in direction of cryptocurrencies, has been pushed primarily by Bitcoin and the worldwide Bitcoin spot ETF approvals, but additionally by native regulatory reform that can assist drive funding, present certainty to the sector and in the end, enhance shopper safety.
“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 yr,” he stated.
To learn extra and obtain the total report from Unbiased Reserve, click on right here.
