27/09/2022
Australian crypto exchange Swyftx on Monday released a new study survey showing that about one million Australians will buy cryptocurrencies for the first time in the next 12 months. The new survey questioned 2,609 Australians over 18 years of age in early July, with 548 participants of the survey sample identified as current crypto holders.
The research revealed that despite the current โcrypto winterโ, Australian crypto ownership has grown 4% year-on-year (YoY), reaching 21% this year. This figure is set to increase by another one million new crypto owners in 2023, according to the survey.
The result might bring total crypto ownership in the country to over five million.
While at least one-quarter of Australians are planning to purchase crypto over the next 12 months, the study revealed that Millenials, Gen Zers, Aussie parents, and those in full-time work are most likely to buy digital assets.
Swyftxโs Head of Strategic Partnerships, Tommy Honan, commented about the development: โOn 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.โ
Honan, however, said the adoption rate might slow over the next 12 months before recovering again as market conditions improve.
The survey revealed that while the bear market knocked down usersโ confidence, it identified that lack of sound regulation, overall market volatility, and lack of knowledge about how crypto works as the biggest factors that discourage users from investing in crypto, especially those who have not yet done so.
Swyftx co-CEO Ryan Parsons said the report indicates that there is clear demand among Australians to buy and use crypto. Still, user hesitancy is due to issues associated with regulation. The comment is reinforced by the former head of risk at Credit Suisse, CK Zheng, who believes that the next crypto bull run will be a result of โregulatory clarityโ in the US.
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