Crypto Market Will Record 1 Million Australians Joining In Next 1 Year

According to a recently published poll, around one million Australians will enter the crypto market for the first time within the next 12 months, bringing the total crypto ownership in the country to more than five million.

The data were derived from Swyftx’s second Annual Australian Crypto Survey, which was performed by research company YouGov. In early July, the study polled 2,609 Australians over the age of 18, with 548 identifying as current Bitcoin holders.

Despite the current crypto winter, which has seen almost $2 trillion in assets wiped off the digital asset market over the previous year, Australian crypto ownership has climbed 4% year on year, with the goal of reaching 21% by 2022.

According to the report, this figure is expected to rise by another million new crypto owners in 2023, with at least one-quarter of Australians planning to purchase cryptocurrency in the next 12 months, with Millenials, Gen Zers, Aussie parents, and those in full-time employment is the most likely to do so.

Commenting on the bullish figures for crypto adoption and ownership, Swyftx’s Head of Strategic Partnerships, Tommy Honan said:

“On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years.”

According to the survey, the main disincentive to investing in crypto for those who have not yet done so is a lack of good regulation, followed by a lack of awareness about how crypto works and general crypto market volatility.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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