Approximately one million Australians will buy crypto for the first time in the next 12 months, bringing the number of holders in the country to more than five million, according to a recently published survey.
The results come from the second Annual Australian Crypto Survey of the local cryptocurrency exchange; Swyftx, conducted by the research company, YouGov.
The survey featured 2,609 Australians over the age of 18 in early July, with 548 of the survey sample identifying themselves as current cryptocurrency holders.
The report points out that despite the current bear market, which has seen roughly $2 trillion of the total market value of digital assets wiped out over the course of the last year, cryptocurrency ownership in Australia has grown by 4% in the year , reaching 21% in 2022.
According to the report, this number will increase by another million new holders in 2023, while at least a quarter of Australians plan to buy crypto assets in the next 12 months, being millennials, members of generation Z, Australian parents and those who work full time the most likely to invest.
This conclusion is in line with recent data from a bitcoin processor that suggests the bear market is not holding back mass adoption and with comments from crypto exchange CoinJar’s chief content officer, Luke Ryan, who claims that sports sponsorship is helping to legitimize the crypto space in Australia.
Commenting on the positive cryptocurrency adoption and ownership figures, Swyftx Head of Strategic Partnerships Tommy Honan told Cointelegraph:
“Based on current growth trajectories in digital asset usage, we expect half of adults under the age of 50 in Australia to own or have owned some form of cryptocurrency in the next one to two years.”
However, Honan said there are also many variables that make forecasting adoption “fiendishly difficult,” adding:
“The expectation is that we will see crypto enter the regulated space next year and, all things being equal, you would expect that to trigger growth in adoption, but it is not a given.”
Honan said the pace of adoption may slow in the next 12 months before picking up again when market conditions improve.
“The bear market has lowered confidence […] Confidence can go up the stairs and down the elevator, so we are going to have to wait and see how quickly it takes for the market to stabilize,” he said.
According to the survey, the lack of strong regulation was revealed as the biggest deterrent to investing in cryptocurrencies for those who have not yet done so, along with a lack of knowledge about the workings and general volatility of the market.
This point is reinforced by recent comments from former Credit Suisse chief risk officer CK Zheng who believes that the next crypto bull run will be the result of “regulatory clarity” in the US.
In a comment to Cointelegraph, Swyftx co-CEO Ryan Parsons said that the study shows that there is a clear demand among Australians to buy and use crypto, but that a “material factor” for crypto hesitancy remains. regulation.
“The push for defined rules is growing and will continue to grow if digital asset adoption increases at the current rate. As this study shows, there is a clear demand among Australians to buy and use cryptocurrencies. It is imperative that we meet this demand responsibly. “.
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