36% of Australians Want Better Crypto Regulations – Study
In its latest issue, the Independent Reserve Cryptocurrency Index (IRCI) revealed that it conducted a poll on more than 2000 Australian citizens. The poll was to know their behavior towards digital assets and the cryptocurrency industry.
The survey revealed that up to 92% of the citizens of Australia know about crypto, and 25.6% of this population already have or own a digital asset. The people used for the study covered various areas such as geographic distribution, age, and gender.
The study showed that the world’s most popular crypto, Bitcoin tops the charts as the most popular cryptocurrency in Australia. Its nearest competitors were Ethereum and Dogecoin.
Meanwhile, only 8% of the polled participants stated that they hadn’t heard about digital assets.
There has been an increase in Ethereum and Solana awareness programs in the country. The awareness for these two digital assets rose by nearly 6.2% and 4.8% between 2021 and 2022.
According to the report, ETH growth in the country is linked to the latest switch from a proof-of-work consensus mechanism to a proof-of-stake one. However, the growth in the decentralized finance sector propelled Solana’s popularity in Australia.
The report also revealed that many Australians aren’t concerned about the long-term adoption of cryptocurrency as long as the government releases better crypto regulations for the country. Regardless, this lack of good crypto regulation didn’t affect the citizens’ level of crypto investment.
Over 36.1% of the poll participants admitted that they didn’t invest in crypto because there are no consumer protection and crypto regulations. This number is up by over 12% from last year.
But 32% of the population stated that they were ready to invest in crypto if more regulations were released to protect consumers or investors.
Age And Gender In Crypto Ownership
New data shows a relationship between age and gender in the acquisition of digital assets and crypto. According to the data, females had a 1.4% growth in crypto ownership, while males had a 10% drop in crypto ownership.
Based on a recent report from the IRCI, Australia has up to 21.4% female crypto owners, and this percentage is close to the ratio of men who own crypto in Australia. Another data based on age has shown that ownership in the crypto industry increased from 38% to 45.5% for individuals aged 35-44.
Then, 25.3% to 27% for users aged between 45-54 years. Surprisingly, the most significant drop in crypto owners was seen among the youngest population.
This population is within the 18–24-year-old bracket, and their ownership dropped from 55.7% to 30.7% in the last 12 months. But this younger generation revealed that they are still interested in digital assets and crypto investments once they have the financial capacity to do so.
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