Interest in Bitcoin among Australians has surged, particularly after the US greenlit spot Bitcoin ETFs in January. The Independent Reserve’s latest study shows a 25% spike in Bitcoin positivity locally, with a notable rise in adoption expected to persist into 2024. Despite this, the survey, which involved over 2,000 adults, highlights that wider acceptance is impeded by the current uncertain economic climate.
Australian Crypto Curiosity Peaks with Older Demographics
Older citizens, specifically those aged 55 and above, displayed a staggering 100% growth in Bitcoin curiosity. Adrian Przelozny, the CEO of Independent Reserve, interprets the data as a sign of entering a phase full of growth and renewed optimism. Considering the potential for spot Bitcoin ETFs on the Australian Securities Exchange, 19% expressed their intent to invest, with the highest eagerness seen among individuals aged 25 to 44.
Long-term investment through self-managed retirement funds is being considered by approximately one-third of the participants, though opinions are split on whether to access Bitcoin via an exchange or an ETF. Overall, cryptocurrency ownership in Australia has modestly increased by 1.9% from 2022, reaching 27.5%, with the most significant upticks among the older age brackets.
Insights from Independent Reserve’s Findings
An Independent Reserve representative suggests that positive trends could be amplified with stronger regulation, a Bitcoin ETF on the ASX, and greater business adoption. Yet, the survey also points out that price volatility, insufficient consumer protection, and overall confusion are still significant barriers for potential new investors.
Economic uncertainty seems to affect decision-making, with some not investing in crypto and others contemplating selling their crypto holdings to navigate the increasing living costs and interest rates. These concerns reflect the complex balance between growing interest and the realities of the current financial environment.