Australia has emerged as a prominent actor in this dynamic scene, owing to the rapid global growth of cryptocurrencies and blockchain technology. Around 25% of Australians possess bitcoin assets, reflecting a substantial change in their perception of digital currencies. This signals growing acceptance and investment.
AUSTRAC-registered crypto exchange Swytyx revealed annual Australian crypto survey findings via Twitter on August 16, 2023. Conducted by YouGov, a renowned data analytics firm, the survey unveiled that 23% of Australians possess cryptocurrencies.
Swytyx conducted the poll to determine the level of Bitcoin acceptance in Australia. The astounding ratio of 23% equates to about 4.3 million Australians who have been recognized as cryptocurrency owners. Strikingly, diverse generations, from young to old, have enthusiastically adopted digital assets, showcasing widespread interest and acceptance.
Contrary to popular belief, the study results revealed an unexpected trend: women are more interested in bitcoin ownership than males. Although the millennial and Gen Z populations, aged 18-34, dominate the ownership landscape, there has been a significant increase in adoption among older age groups as well.
Australia Thriving Crypto Adoption Signals Global Leadership
The favorable regulatory environment for cryptocurrencies in Australia is largely responsible for this quick adoption rate. The country has embraced digital currencies, establishing itself as one of the most crypto-friendly countries in the world. According to Finder, Australia has an amazing crypto adoption rate of 17.8%, putting the country in third position globally.
Notably, Australia outperforms nations such as the Philippines and Indonesia, where cryptocurrency activity has grown significantly in recent years. According to the survey, Bitcoin is still the most popular cryptocurrency among Australians, followed by Ethereum, Cardano, Dogecoin, and others.
The Reserve Bank of Australia, the country’s central bank, has been investigating the creation of a Central Bank Digital Currency (CBDC). Following the successful completion of a CBDC pilot program, the bank invited notable personalities from the government and finance sectors to submit their perspectives. This endeavor is a coordinated attempt to influence Australia’s financial landscape in the future by adopting digital currencies.
With one in every five Australian adults now possessing cryptocurrencies, the country’s adoption rate is anticipated to rise further. Experts believe that as the Bitcoin ecosystem develops, digital currencies will become an essential component of Australia’s financial system. Currently, the country is at a crossroads of technology advancement and regulatory improvement, poised to capitalize on the promise of cryptocurrencies for the benefit of its economy and residents.