Around one million Australians will be buying cryptocurrency for the first time in the next 12 months, bringing total crypto ownership in the country to over five million, according to a recently released survey.
The findings come from the second annual Australian crypto survey by Australian crypto exchange Swyftx, which was conducted by research firm YouGov.
The survey interviewed 2,609 Australians over the age of 18 in early July, with 548 of the survey sample identified as current cryptocurrency holders.
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The report stated that Despite the current “Crypto Winter” which has seen an estimated $2 trillion in assets wiped out of the digital asset market over the past year, Australian crypto ownership is up 4% year over year. another, reaching 21% in 2022.
According to the report, this figure is expected to increase by one million new crypto owners in 2023, while at least a quarter of Australians plan to buy crypto in the next 12 months, with millennials, generation Z, Australian parents and those working full time are most likely to buy.
This finding is broadly in line with recent data from a bitcoin processor suggesting that the crypto winter is not holding back widespread adoption and comments from crypto exchange CoinJar content manager Luke Ryan saying that sports sponsorship helps legitimize crypto in Australia.
Commenting on the bullish numbers for crypto adoption and ownership, Swyftx Head of Strategic Partnerships, Tommy Honan, told Cointelegraph:
“Based on current growth trajectories of digital asset usage, we expect half of adults under 50 in Australia to own or have owned crypto within one to two years.”
However, Honan said there were also a lot of variables that made adopting the forecast “devilishly difficult”, adding:
“We’re expected to see crypto enter the regulated space next year and, all things being equal, you’d expect that to trigger adoption growth, but that’s not is not acquired.”
Honan said the adoption rate may slow over the next 12 months before recovering as market conditions improve.
“The bear market has shaken confidence […] Confidence can go up stairs and down elevators, so we’re going to have to wait and see how quickly the market stabilizes,” he noted.
According to the survey, the lack of strong regulation was found to be the biggest barrier to investing in crypto for those who have not yet done so, along with a lack of knowledge about how crypto works and overall market volatility.
Related: Institutional Investors Are Heading For A Crypto Tipping Point – Apollo Capital
This conclusion is reinforced by recent comments from former Credit Suisse chief risk officer CK Zheng, who believes the next crypto bull run will be the result of “regulatory clarity” in the US.
In a comment to Cointelegraph Swyftx Co-CEO Ryan Parsons said the report shows there is clear demand among Australians to buy and use crypto, but a “material factor” for hesitance to crypto remains regulation.
“The drumbeat for defined rules is growing and it will continue to grow if adoption of digital assets grows at its current rate. As this report shows, there is a clear demand among Australians to buy and use crypto. It is imperative that we respond to this request responsibly. “
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1 Million Aussies Will Enter Crypto In The Next 12 Months – Swyftx Survey
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