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Nearly 1 million Australians will buy cryptocurrency for the first time in the next 12 months, bringing total cryptocurrency ownership in the country to over 5 million, according to a newly released study.
Survey results came From the 2nd Australian Crypto Survey by Australian crypto exchange Swyftx, conducted by research firm YouGov.
The survey asked 2,609 Australians aged 18 and over in early July and identified 548 of the survey sample as current cryptocurrency owners.
The report stated: Despite the current Crypto Winter which wiped nearly $2 trillion of assets from digital asset markets during the last year, Australian crypto ownership increased by 4% year-on-year to reach 21% by 2022 Did.
According to the report, this number is set to increase with another million new cryptocurrency holders in 2023, with at least a quarter of Australians being millennials, Gen Z, Australian parents and purchasers. People with full-time jobs who are most likely to
The results of this survey are Recent data from Bitcoin processors Crypto winter has not hampered adoption, with Luke Ryan, head of content at crypto exchange Coinger, saying that sports sponsorship is Helping to legalize cryptocurrency in Australia.
Commenting on the bullish numbers for cryptocurrency adoption and ownership, Tommy Honan, Head of Strategic Partnerships at Swyftx, told Cointelegraph:
Based on the current growth trajectory in the use of digital assets, we expect half of Australian adults under 50 to own or have owned crypto within the next 1-2 years.
However, Honan said there are also many variables that make the adoption of forecasts “very difficult”, adding:
There is an expectation that cryptocurrencies will move into the regulated space next year, and all other things being equal, we would expect that to trigger growth in adoption, but that should not be taken for granted. .”
Honan said adoption rates could decline over the next 12 months before picking up again as market conditions improve.
The bear market has lost confidence […] Confidence can go up and down stairs, so we have to wait for the market to stabilize.”
Lack of sound regulation, along with lack of knowledge about how cryptocurrencies work, and overall market volatility are the biggest threats to those who have not yet invested in cryptocurrencies, according to the study. proved to be a deterrent.
Related: Institutional Investors Head to Tipping Point for Crypto Apollo Capital
This discovery Reinforced by recent comments CK Zheng, former head of risk at Credit Suisse, believes the next cryptocurrency bull market will be the result of regulatory clarity in the United States.
In a comment to Ryan Parsons, co-CEO of Cointelegraph Swyftx, the report shows a clear demand among Australians to buy and use cryptocurrencies, but hesitance to cryptocurrencies is a significant The factor,” said it remains regulatory.
The beat for defined rules is growing and if digital asset adoption increases at its current rate, it will continue to grow. There is a clear demand to do so, and it is imperative that we meet this demand responsibly.”
