Australians’ curiosity and funding in crypto stays excessive and continues to realize momentum, with sentiment demonstrably shifting to a part of renewed optimism and development, in response to Australia’s longest-running and most sturdy crypto analysis, the Impartial Reserve Cryptocurrency Index (IRCI), launched right now.
This comes regardless of rising rates of interest and value of dwelling pressures impacting buyers’ portfolios, forcing gross sales and inflicting others to stay on the sidelines.
Performed 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 impression of the Bitcoin spot ETF, permitted 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 information demonstrates that Australians’ curiosity and funding in crypto stay excessive and proceed to realize 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% larger throughout 2023 and with the subsequent Bitcoin halving approaching in April, it’s no surprise Bitcoin stays a favorite amongst crypto buyers, with 63% possession. Greater than half (52%) of crypto buyers choose Bitcoin over different digital property.
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 buyers, with virtually 1 / 4 (24%) pondering of promoting or partially promoting their crypto portfolio to assist them deal with the rising prices.
Australians who don’t put money into crypto stated they wished extra regulation (36%) and higher shopper protections (38%) earlier than investing.
Beneath a brand new regulatory regime for cryptocurrency exchanges, the Federal Authorities would require crypto exchanges to carry a monetary providers licence issued by the company regulator to scale back dangers for buyers. This landmark growth guarantees to carry the business higher confidence and certainty, paving the best way for institutional funding and broader adoption.
Impartial Reserve CEO Adrian Przelozny, stated, “Our 2024 IRCI outcomes mirror higher consciousness of crypto, larger adoption charges and a rise in medium-term confidence with an increase within the variety of folks more likely to put money into the subsequent 12 months.
“This comes regardless of the present financial uncertainty for a lot of Australians with the elevated value 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 in addition by native regulatory reform that can assist drive funding, present certainty to the sector and in the end, improve shopper safety.
“In 2023, Bitcoin propelled many buyers 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 Impartial Reserve, click on right here.
