1 million Australians will get into crypto next year

A new study, the Annual Australian Crypto Survey, finds that approximately a million Australians plan to buy cryptocurrencies for the first time in the coming year. The study was conducted by YouGov on behalf of Swyftx, an Australian crypto exchange.

Crypto research

The study surveyed 2,609 adults in Australia in early July. About 25% of those surveyed said they already own crypto such as bitcoin (BTC) and ethereum (ETH). One million more Australians will get into crypto by 2023, according to the research.

Despite the bear market and over $2 trillion evaporation within the crypto sector, Australians seem optimistic about the market. The number of people who own crypto in Australia has grown by 4% from last year.

The study also showed that a lack of regulation is a reason for many people not to invest in crypto. A lack of knowledge about the sector also plays a major role, as does the high volatility of cryptocurrencies.

Future crypto adoption

According to recent data, it is mainly the crypto sponsors in the sports industry that bring in many new investors. According to a representative of crypto exchange CoinJar, the sport sponsorships help legitimize crypto in Australia. He also expects a continuation of crypto adoption.

“Based on the current growth in the use of digital assets, we expect that half of Australians under the age of 50 will own crypto in the next two years.”

According to Timmy Honan, CoinJar. Honan added that it is very difficult to predict how crypto adoption will unfold in the coming years. There are too many variables to take into account, he says.

“It is expected that crypto will become more regulated next year. Then one would expect a growth in crypto adoption. But this is no guarantee.”

He expects that once macroeconomic conditions improve, the adoption of cryptocurrencies will pick up strongly. For now, he sees too little confidence in the market.

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