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Survey Shows That Crypto Adoption In Australia Is Increasing

Crypto adoption in Australia has surged in the past few days due to factors that have favored investors and traders across the Asian country. A recent survey that was carried out has further confirmed this assumption, with the survey showing that about 20% of the country’s population have at one time or the other owned digital assets.

However, it is notable that a huge part of the country’s population currently holds digital assets. The Independent Reserve Cryptocurrency Index carried out a recent survey. This body is in charge of taking into account the growth rate of digital asset adoption in the country.

The survey was carried out by IRCI

According to the survey carried out this year, the body realized that most Australians adopted digital assets for the first time in their lives this year. This is not surprising if we regard the fact that almost all the population worldwide were forced to turn to digital payments system because of the coronavirus pandemic.

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Even at that, Bitcoin and other assets would have gained popularity this year as major high-value investors have started to move their funds into the premier digital asset. Also, digital assets have lost their speculative notion and have gone all the way to becoming a store of values across the financial market.

High-value investors are also using digital assets as a hedge to tackle the incoming inflation about to rock the United States. Adding to the previous data, the Independent Reserve Cryptocurrency Index also noted that about 89% of Australians now know and understand Bitcoin.

This is a recognizable feat because the last survey carried out brought back a less convincing result. The survey showed that out of all the people who dabbled into digital assets in 2020, about 78% of them noted that they were either making profits or breaking even, while just 22% said they made a loss dealing in crypto in 2020.

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Crypto adoption across Australia skyrocketed this year

The survey also said that the total number of older people that made money from Bitcoin rapidly increased this year, compared to the 35% that made money trading crypto last year. The survey also showed that people are now starting to have a nice perception of what the digital asset entails.

Last year, about 21% of the respondents claimed that they were opposed to crypto and would never trade or deal with them. However, this time, the number has since fallen well and is now around 17%, which means a little bit of progress has been achieved on that front.

Another 20% of the respondents also mentioned that they now realized Bitcoin is a store of value, which shows a slight increase from the population that ticked that option last year. Some people who wanted to enter the digital asset industry this year but had to pull out blamed the coronavirus pandemic’s economic impact.

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The survey also showed that men were still ahead of the women in other forms of cryptocurrency other than Bitcoin. The survey states that men were far more familiar with Bitcoin Cash, Litecoin, XRP, and some other altcoins.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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