Cryptocurrency has become a relatively less volatile market and has matured since more people are researching the benefits of investing in it. Moreover, there have been several endorsements from people of influence, which has led more people to invest in cryptocurrency. This trend has been specifically observed to boom in the Australian continent.
The number of Australians holding cryptocurrency has increased from 18.4% in 2020 to 28.8% until now. Such a trend has been attributed to the further establishment of bitcoinscode.org.
Let us talk about the several factors responsible for this. More people are investing in the crypto market because the number of people who have made money from this digital asset has gone up to 89% from 78% in 2020.
The Concern of People That Are Against Cryptocurrencies
However, this does not surprise most of the financial experts that are pro-crypto. You can infer from stats regarding returns from cryptocurrency that they have outperformed every available form of asset in terms of return on investments. The cryptocurrency that has been performing better than the rest in Australia is Bitcoin.
However, you can justify the skepticism of the people that are yet to invest in the industry. Their concern is regarding consumer protection measures in place. Several steps can be taken so that Australian people trust cryptocurrencies more than earlier, including its regulation. You might be able to see a positive crypto adoption trend in Australia post regulation of the crypto market.
The Age Group of Highest Investors
The younger Australian population has been observed to trust the crypto market more than any other age group, as 24 to 34-year-olds make up the majority of pro-crypto Australians. People above 65 years of age have been observed to be the largest disbelievers in the same. They are the ones that provide maximum resistance to crypto-adoption.
However, you can expect a shift in these dynamics once a cryptocurrency is regulated in Australia. People above 65 years of age are expected to test the waters in the industry after regulation and make it even more popular and profitable. Bitcoin is a popular name in Australia and is the best performing cryptocurrency out of all the available ones. Surveys have suggested that 89.1% of Australians have heard of Bitcoins.
Some Stats Regarding Crypto Adoption
The positive crypto adoption trend is so immense that almost 21.1% of the overall Australian population owns Bitcoin. Following Bitcoin, Ethereum is the second most famous cryptocurrency in Australia, as 11% of the Australian population owns Ethereum. This is a massive jump in number, as compared to the mere 5% ownership recorded in 2020.
The crypto ownership rate of Australia stands at 17.8%, which is much higher than the world average of a mere 11.4%. The growth of the crypto market in Australia has been immense, and Australia has been observed to have the third-highest rate of adoption for cryptocurrency in the world.
You can find several companies in Australia that accept crypto payments. This has led people to trust and invest more in cryptocurrencies. When Australian cities are ranked based on crypto ownership, Sydney takes the first spot. It makes up 32% of the Australian Crypto owners Adelaide and Melbourne follow the lead with 29% and 28% of owners living in these cities.
The average profit made by Australians by selling Bitcoins and Ethereum stands around $10,000. These statistics display that the crypto market has become much less volatile, and the people have become more crypto-aware.
Better ability to analyze market trends and quick decision-making abilities have allowed investors to make loads of money from the crypto market. Australians trust cryptocurrencies more than earlier. A major contributing factor for this aspect can include the fact that the crypto market is decentralized.
It makes money invested in it be stored on computers worldwide. The top end of the Australian crypto investors has reported making as much as $30,000 in a year. The recent decades are often referred to as the Bitcoin Era, owing to its popularity and immense growth.
This trend has been observed to have well-rooted reasons that have already been discussed and will continue to grow further. The Australian population will witness growth in the number of crypto investors over this decade, and the crypto industry will benefit from it to a massive extent.