Survey: Massive increase in Australians holding cryptocurrencies
The 2021 Independent Reserve’s Cryptocurrency Index (IRCI) survey of 2,000 people has found that the percentage of surveyed Australians holding cryptocurrencies at some point has reached 28.8%, compared to 18.4% in 2020.
The results suggest that the growth of the sector is mostly driven by the positive experience of those who own crypto, 89% of those surveyed say they have made some beautiful gains, compared to 78% in 2020, according to cointelegraph.com
Independent Reserve CEO Adrian Przelozny told Cointelegraph that these results came as no surprise to him because of an environment in which it has become “very difficult to get returns on investments”.
He also added that “cryptocurrencies have easily outperformed any other assets over the last 12 months”. “I think it’s quite natural that more and more people get interested in an asset class that’s clearly outperforming the rest of the market.”
In October, Cointelegraph reported that Bitcoin (BTC) is the best performing official asset class of 2021.
Przelozny said that he expects the trend to continue as the crypto matures and becomes less volatile. He said the cryptocurrency’s biggest ally was that the longer it goes, the more accepted it becomes.
“With time, I think you’ll see volatility and the perceived risk of this investment reduce.”
28.6% of those surveyed by IRCI who do not currently own cryptocurrencies said they would invest if there was better consumer protection. Another 26.6% said they would buy crypto if the industry’s regulations were improved.
Australians holding cryptocurrencies – Regulation is needed for continued growth
Przelozny said that the sector still desperately needs regulation to catch up and provide greater security for both investors and the cryptocurrency business.
“I do think that once the regulation comes on board, we’ll see a whole new class of investors into this space. And I think that’s what we’ve seen in other jurisdictions, like over in Singapore.”
Australians holding cryptocurrencies – Przelozny told Cointelegraph that he anticipates that Australians over the age of 65 will be the next big wave of investors as these regulatory issues are addressed, stating that “They’re looking for consumer protections from the government before they’re willing to take the plunge and enter the cryptocurrency market.”
Unsurprisingly, the 24-34 age group was the most confident in crypto, with 27.6% saying they bought as an attempt to get rich, while non-believers in the cryptocurrency world are most likely to be in the age over 65 age group.
According to IRCI, Bitcoin remains the most well-known and popular cryptocurrency, with 89.1% of Australians surveyed saying they have heard of it and 21.1% actually owning Bitcoin. The second most popular crypto asset is Ethereum, with 11% reported holdings, up from just 5% in 2020.
IRCI is an annual cross-sectional survey of more than 2,000 Australians conducted by PureProfile. The Independent Reserve says its sample reflects the country’s sex, age, and geographical distribution.
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