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Crypto awareness and adoption continue to rise
More Aussies are now investing in crypto for business and personal use rather than for fun.
Crypto awareness and adoption continue to rise
More Aussies are now investing in crypto for business and personal use rather than for fun.
Awareness of cryptocurrency across the Australian population has reached 97 per cent, according to a new report from crypto exchange CoinSpot.
Twenty-two per cent of Aussies surveyed said they had bought, sold, swapped or traded crypto during the past four years, with uptake surging by an average of more than 10 per cent among Generation Z, Millennials and Generation X.
“2021 was a massive year for crypto and adoption soared broadly across the market,” said CoinSpot marketing executive Tim Wilks.
“At CoinSpot alone we saw a 100 per cent boost in numbers, from 1 million users in February 2021 to over 2 million as of October 2021.”
The proportion of Aussies who expect to own crypto in the next five years has risen nearly 20 per cent since 2020 to 43 per cent, while 42 per cent believe crypto will be more widely accepted and its associated risks will decrease in the future.
More Aussies were found to be taking crypto investing seriously with increases in investing for business (8 per cent) and personal use (6 per cent) alongside a 10 per cent decline in investing for enjoyment since June last year.
Recent user growth has been particularly driven by Generation X, according to CoinSpot, which found that understanding and trust in crypto among middle-aged Aussies had significantly increased over the past two years.
Twenty-two per cent of Gen X respondents said they knew “a fair bit” about crypto compared to 14 per cent in 2020, while 39 per cent said they now knew “a little bit”, up from 20 per cent.
Additionally, 26 per cent of Gen X said they trusted crypto a fair amount or completely versus 17 per cent in 2020.
“From the data it appears as though we are reaching an inflection point in mainstream adoption when the historically more conservative/risk averse generations start to jump on board in larger numbers,” said Mr Wilks.
“From institutional investors, private offices, corporates, to everyday mums and dads, the appeal and opportunity that exists with crypto is becoming better understood.”
Overall, 27 per cent of the population were found to trust crypto completely, and 55 per cent held a long-term view when investing in crypto.
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