2021-2022 has been a turning point for the crypto sector. Approximately USD $2 trillion was lost from the market for digital assets from peak to trough. However, the crypto adoption rates haven’t fallen in the Australian continent, as per a survey by crypto exchange Swyftx.
Swyftx has over 600,000 users in Australia and New Zealand combined. The renowned crypto exchange partnered with an international research firm called YouGov, which surveyed over 2,609 adults across Australia to collect data regarding crypto in the Australian continent.
The results of the study conducted by Swyftx provides a picture of Australian attitudes about cryptocurrencies at this time of heightened uncertainty. According to results from a national poll, Australian cryptocurrency ownership increased by 4% since last year, from 17% in 2021 to 21% in 2022, despite the sudden onset of the “Crypto Winter.”
According to the survey, among the 29% of Australian adults who currently own or have ever owned cryptocurrency, 38% hold it in their superannuation, and 59% of parents who own cryptocurrency hold it in trust for their children.
However, compared to the previous year, fewer Australians now think that cryptocurrency would eventually replace traditional forms of online payment. “The sector is not effectively controlled” is the most prevalent justification given by those who do not use cryptocurrencies for purchasing digital assets.
The survey says that there are 4.2 million Australians who own crypto (approximately 1.63% of the population), among which the highest growing strata was that of parents, individuals who have enough financial literacy to somewhat understand the digital asset sector and households with an income above $150,000 AUD. It also points out that female owners have been more profitable than male owners, however, female adoption has frozen over the last year.
Swyftx reports that 61% of Australians have not yet bought any cryptocurrencies, increasing 3% from the 58% reported the year before. Additionally, 43% of those who don’t hold cryptocurrency cited inefficient regulation as a discouragement to invest in digital assets. While 41% of Australian adults said they plan to buy stocks and equities in the next year, 26% said they will likely buy cryptocurrency assets in that time.