Cryptocurrencies have been gaining extensive traction following the ever surging value of the industry. Australia has been one among the several countries that have been steering towards the adoption of crypto. A recent survey conducted by the Independent Reserve revealed that despite facing an array of hurdles his year with the ongoing pandemic, the crypto industry managed to record an increase from AUD $257 billion in January to AUD $810 billion. The IRCI 2020 Cryptocurrency Index also touched several other areas including Awareness, Adoption, Trust as well as Confidence pertaining to the crypto industry in Australia.
Australia’s Citizens Well Aware About Bitcoin, Ethereum, and Bitcoin Cash
In the elaborate survey, it was noted that Australians cognizant about Bitcoin as 88.8% of the respondents said so. Only 23.5% and 21.9% of the respondents knew about Ethereum and Bitcoin Cash respectively. While other coins like XRP, Litecoin, and EOS were a part of the list, the fairly new crypto asset, Chainlink made it to the list. About 8.6% of the survey participants had no idea about any of the aforementioned assets.
While this was the awareness rate, the cryptocurrencies that the 1,000+ Australian respondents held weren’t very different. The survey read,
“Aussie crypto owners are holding:
Bitcoin: 74%, XRP (Ripple): 28%, Ethereum: 27%,
Bitcoin Cash: 17%, Litecoin: 15%, Chainlink: 5.2%,
Other tokens: 8.5%”
The adoption rate of crypto in Australia had recorded a surge since 2019. The IRCI suggested that 18.4% of Aussies owned crypto assets, which is one in every five participants of the survey had some cryptocurrency. Millennials were the star of the show as they had driven the adoption of crypto in the country. The graph read,
Additionally, the crypto spend of the country had increased from 1.3% in 2019 to 2.4% this year. The survey suggested that the age group of 25-34 were most likely to spend over $500 every month for crypto trading as opposed to the other age groups.
As the price of Bitcoin has been rising more than ever right now, the world has its eyes on the asset. However, most of the respondents of the survey were still sitting on the fence with regard to their opinion about the asset. About 19% of the Australian participants considered the king coin to be an Investment and another 19% viewed the asset as digital gold or store of value. A very few regarded Bitcoin as a scam or money.