Cryptocurrency Adoption Statistics in Australia
An Unprecedented Number of Australians Own Cryptocurrencies
Data shows that Australians are gravitating towards cryptocurrencies investment. Despite the operational and regulatory uncertainties that plague cryptos, awareness and adoption in Australia are increasing yearly.
Cryptocurrencies appear to be going mainstream as an asset class. The industry has come into sharp focus mainly due to the rise in Bitcoin prices in 2021, the uptake of new products such as Non-fungible tokens (NFTs), and general interest in the Metaverse.
Cryptocurrency Adoption Statistics in Australia
According to a report by The Independent Reserve Cryptocurrency Index (IRCI), 28.8% of Australians own or have owned cryptocurrencies as of December 2021.
Between 2020 and 2021, cryptocurrency adoption jumped 56%
Bitcoin is the most popular crypto in Australia
Another survey conducted by Finder shows that crypto adoption rates stood at 23%. The survey was carried out in January 2022, involving about 1000 respondents. The report indicates that Australia ranks 3rd in crypto adoption among a list of 27 countries studied
The data from Finder shows that Australia’s rates are above the global average, which is just above 15%
Australia is ahead of countries like Indonesia and the Philippines, where there’s been a surge of peer-to-peer crypto transactions.
Top 5 Cryptocurrencies in Australia
Data from the Finder survey shows that most Australians owned Bitcoin. Here are the top 5 cryptos among Australians who owned cryptos as of December 2021.
Coin Crypto Ownership in Australia (of 28% who own cryptocurrency) Bitcoin (BTC) 72% Ethereum (ETH) 43% Dogecoin (DOGE) 29% Ripple (XRP) 13.9% Solana (SOL) 13%
Ethereum ranks second, well above the global average, at 24%. This places Australia high on the list of countries that have adopted Ethereum.
After the US, Australia ranks second in the ownership of Dogecoin. With 29% of the respondents owning Dogecoin, the meme coin that took the crypto markets by storm. The number is well above the global average, at 18% as of December 2021.
Note that Ripple and Solana make up the top 5. Currently, both coins sit top 10 by market volume and capitalization globally. The prospect of profitable returns on investment(ROI) is what spurs many investors on, as they seek to diversify their portfolio from being Bitcoin-centered.
Bitcoin’s Popularity in Australia
About 0.9 million people own Bitcoin in Australia. It ranks first as the crypto of choice in the country.
The positive ROI buoyed adoption numbers for Bitcoin. From their investment, respondents intimated that they profited from the asset’s price surge in 2021.
On awareness, about 89% of the respondents in the IRCI survey knew about Bitcoin compared to Ethereum, which ranked second at only 11%.
The Finder survey indicates that Bitcoin uptake surged in the last quarter of 2021. Ownership rates rose from 69% to 72% in just three months.
Crypto Adoption in Australia by State
The IRCI report indicates that crypto ownership grew in every state and territory. Here is a breakdown by territory.
Residents from Western Australia are more likely to own cryptos than the rest of the territories.
|State||Cryptocurrency Adoption by State|
|New South Wales||29.3%|
|Australian Capital Territory||21.2%|
Younger People Likely To Invest in Cryptocurrency in Australia
IRCI survey showed that ownership increased across all age groups in 2021. Young adults between the age of 18-24 led in crypto adoption. This is in line with global trends. Data shows that adoption rates in this age group doubled from 25% to 55% in 2021.
The data also showed impressive crypto uptake for the age group between 45-54. Adoption rates currently stand at 25%, up from the previous 11.5% in 2020.
Cryptocurrency Adoption by Gender in Australia
There’s an increase in crypto ownership amongst women in Australia. Ownership rates went up from 8.3% in 2020 to 14% in 2021.
About 33% of men own cryptocurrencies, a rise from the previous year. This reflects the acceptance of crypto as a mainstream form of investment.
Men dominate crypto adoption in Australia. Data suggests that the number of men likely to own and invest in cryptos is three times that of women.
Sentiments About Cryptocurrency Adoption
A survey by Finder sought to find out what people thought of cryptos as a form of investment. Only 28% of Australians thought it was a good form of investment.
Various factors in the country drove the adoption of crypto. The primary reason why many people invested in cryptos was because of family and friends. Other reasons include
Curiosity and fear of missing out
To get rich
Ethereum came in second at 35.7%. An increase in Ethereum awareness from 23.5% in 2021 was buoyed by young adults between 18-24 years.
Do Regulations Favour Crypto Adoption in Australia?
The crypto industry continues to march forward at unprecedented speeds with the introduction of new products daily.
The Australian government has not been able to keep up with this speed but there are efforts to institute regulations to the crypto industry.
In a similar fashion to countries such as the US, crypto purists don’t agree with the said laws. They believe the laws contradict the non-custodial nature of most cryptos. Impending policies are likely to favor the uptake of crypto in general. It will help with a better understanding, and financial institutions will finally have some guidelines.
What to Expect in 2022 in Australia
Another survey carried out by Finder in late 2021 showed adoption rates were close to 17%. In a few months, crypto adoption had jumped by 6% to 23%. This amazing growth trajectory will likely place Australia among the nations leading in crypto adoption.
Data also shows that 41.5% believed that cryptocurrencies would become widely acceptable for everyday use in Australia.
As familiarity among people and crypto acceptance by companies gains traction, the industry is expected to grow, with crypto adoption set to continue, particularly among young adults.