Australia’s Crypto Surge: 17% Ownership and Growing Adoption Among the Young

Australia’s Crypto Surge: 17% Ownership and Growing Adoption Among the Young

The crypto market in them has seen significant growth over the past few years in terms of ownership and adoption. The country boasts one of the highest rates of cryptocurrency adoption globally, ranking 9th out of 26 countries according to Finder’s Crypto Adoption November 2022 report. With a crypto ownership rate of 17%, Australia surpasses the global average of 15%.

Young Australians Leading the Charge

The cryptocurrency user base in them is notably young, with a significant portion of crypto investors being under the age of 24. Bitcoin remains the dominant cryptocurrency in them, but other digital currencies like Ethereum are also gaining traction among them users.

Australia Sees Significant Growth in Crypto User Numbers

The number of cryptocurrency users in them has been steadily increasing. In 2022, around 25.6% of them owned some form of cryptocurrency, a significant rise from previous years. This trend is driven by a growing interest in digital assets for investment, savings, and transactions.

Popular Cryptocurrencies in Australia

Bitcoin, Ethereum, and Binance Coin are the top three cryptocurrencies held by them. Dogecoin and Cardano also have a notable presence, although they rank lower in terms of market share, according to Cointree.

Gender Breakdown of Cryptocurrency Users

Currently, more men than women hold cryptocurrency in Australia. However, the number of women entering the crypto space has been increasing rapidly. In 2021, the number of women involved in cryptocurrency more than doubled, indicating a trend towards greater gender balance in the industry. Despite this, only 31% of crypto owners in the country are women. This imbalance is partly attributed to differing financial risk tolerances between genders, with studies suggesting that women are generally more risk-averse than men.

Regulatory Environment

Australia’s regulatory framework for cryptocurrencies is primarily governed by the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). Key regulations include measures related to anti-money laundering (AML), counter-terrorism financing (CTF), and initial coin offerings (ICOs). The regulatory environment has seen increased scrutiny and operational restrictions, particularly for platforms like Binance Australia.

Crypto ETFs on the Horizon

The Australian Securities Exchange (ASX) is on track to greenlight the country’s first spot Bitcoin ETFs by the end of 2024. Local firm BetaShares and others are reportedly developing products for the ASX. This move is expected to provide more institutional investors with exposure to Bitcoin, potentially increasing the overall investment in cryptocurrencies in Australia.

The Bottom Line

The cryptocurrency landscape in them has experienced notable growth, with the nation ranking ninth globally in crypto adoption. Approximately 17% of them own some form of cryptocurrency, surpassing the global average of 15%. The trend is bolstered by a young demographic, with many crypto investors under the age of 24. The primary cryptocurrencies held are Bitcoin, Ethereum, and Binance Coin, though Dogecoin and Cardano also maintain a presence in the market.

On the regulatory front, them framework is governed by ASIC and AUSTRAC, focusing on AML, CTF, and ICOs. Recent regulatory actions include increased scrutiny and operational restrictions for platforms like Binance them, and proactive measures by Blockchain Australia to combat crypto scams and frauds.