Massive spike in Australians who own crypto: Report
A 2021 latest survey from Independent Reserve’s Cryptocurrency Index consisting of more than 2000 respondents has found that the total percentage of Australiana who have owned or are owning crypto has risen from 18.4 per cent in 2020 to 28.8 per cent in 2021.
The results have suggested that growth in the crypto industry is being fueled by the culminated positive experiences of those who currently own crypto. The survey reveals that 89 per cent of those who were surveyed had said they made money or broke even in crypto trading. The same figure was 78 per cent in 2020.
Independent Reserve’s CEO, Adrian Przelozny, has said that the results of the survey are no surprise for him owing to the environment where it has become “very difficult to get returns on investments.”
He further stated that cryptocurrencies had been recorded to “easily outperform” any other assets, especially in the last 12 months, adding that it is “quite natural” that more people would get interested in an asset class that is outperforming the rest of the market.
In October 2021, Cointelegraph news had reported that Bitcoin is officially the best-performing asset class of the year.
Przelozny has said that he expects the trend would continue as crypto matures, gradually becoming less volatile. He said that the “biggest ally” of crypto is that the longer it would stay around, “the more accepted it becomes,” as with time, its volatility and the perceived risk of in investing “would reduce.”
28.6 per cent of the respondents who were surveyed by the IRCI and don’t currently own crypto tokens have said they would invest had there been “better consumer protections in place.” In comparison, another 26.6 per cent said they would buy crypto “if industry regulation were improved.”
Przelozny stated that the crypto sector would still “desperately need regulation” for catching up and providing greater security for both investors and cryptocurrency business owners.
He expressed that once the crypto regulation for the protection of investors and business owners are in place, the industry would witness “a whole new class of investors” like the ones seen in ”Singapore.”
Przelozny also anticipates that the Australian citizens aged above 65 would make up the next big wave of investors once the regulatory issues are properly addressed.
What is unsurprising is that the 24 to 34-year-old age group had been found “the most trusting of cryptocurrencies”, with 27.6 per cent of participants saying that they had bought in to get rich.
According to the IRCI, Bitcoin is still the well-known and most popular cryptocurrency, with 89.1 per cent of Australians who were surveyed saying that they have heard of it and 21.1 per cent of them are actually owning Bitcoin. The second most popular crypto asset has been Ethereum, reporting 11 per cent ownership which is 5 per cent up from 2020.
The IRCI is an annual cross-sectional survey that invites responses from more than 2000 Australians, conducted by PureProfile. Independent Reserve has stated that its sample is reflective of the country’s age, gender, and geographic distribution.