Bitcoin (BTC) has topped the crypto charts in a survey conducted in Australia. According to 2,000 Australians surveyed by the Independent Reserve Cryptocurrency Index (IRCI), Bitcoin is number one in brand recognition, ownership, and overall sentiment.
Bitcoin with the most brand awareness, and by a long shot. https://t.co/LqhYPXe3p8
—Stephan Livera (@stephanlivera) November 28, 2022
Bitcoin With The Most Brand Awareness, By Far
In the report, sAlthough 92% of Australians have heard of cryptocurrencies, Bitcoin has the highest levels of brand awareness. Thus, 90.80% of those surveyed have heard of Bitcoin.
Stephan Livera, a popular Bitcoin podcaster from Australia, shed light on the figures. Livera told Cointelegraph: “Bitcoin continues to grow in brand awareness because it was the first and because it was really the zero-to-one moment similar to the discovery of fire or the invention of the printing press.”
“Bitcoin also has the strongest community of builders and educators, so it stays ahead of market cycles.”
Bitcoin recognition rises in Australia despite the price falling into the tens in early November. In the long term, Australians are optimistic. The report shares that the Australian population of nearly 26 million people is “committed to cryptocurrency for the long term, and overall adoption and long-term confidence in the future of the sector remain high.”
In fact, the majority of those surveyed who own cryptocurrencies believe that the price of Bitcoin will exceed $30,000 by 2030; almost double current prices. Even for respondents who do not own cryptocurrencies and are therefore less likely to see their investments increase in value, 43% of respondents believe the price per BTC will exceed $30,000.
Adrian Przelozny, CEO of the Independent Reserve, explained: “Despite this volatility, the 2022 IRCI data clearly demonstrates that Australian interest and investment in crypto remains high and continues to gain momentum.”
Short term, it is the younger demographic that is leaving crypto assets the fastest; falling from 33.3% to 55.7% in the 18-24 age group. Also, overall, cryptocurrency holdings dropped marginally from 28.8% to 25.6% in the past year.
Livera explained the drop: “As for why Bitcoin and ‘crypto’ ownership rates are falling in Australia in 2022, I put it down to the usual cyclical ups and downs of price action.”
“Ironically, it is now in the bear market that newer speculators learn more about the real ethos of Bitcoin and become HODLers and stackers who set the stage for the next cycle.”
However, as Livera alludes to, it is unclear what assets the groups no longer hold. The report groups Bitcoin with other cryptocurrencies, such as Solana (SOL) or Ethereum (ETH), in broader questions. For example, he asks: “Will cryptocurrencies be widely accepted by people and companies?”, despite the fact that Ethereum’s promise was not to become a currency but a means of monetizing the platform, while Solana claims be a home for decentralized applications or DApps.
Despite the younger age group having fallen out of love with cryptocurrency, awareness of it among Australians overall has increased slightly to 92%, up from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it remains the most popular cryptocurrency.
Interestingly, Bitcoin awareness among those 65+ has skyrocketed to 93.5%, indicating that the boomers are getting closer to Bitcoin.
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