A quarter of Australians plan to buy crypto in the next 12 months
Categories: Crypto News
A quarter of Australians plan to buy crypto in the next 12 months
In fact, as the headline just about tells you, around a quarter (actually 26%) of Aussies surveyed intend to make some sort of cryptocurrency purchase within the next 12 months.And as for those who have yet to stumble into a crypto-related rabbit hole in any meaningful way, the survey also indicates that about one million non-crypto owning Aussies are expected to enter the market in the next year.
They'll possibly/probably be buying when prices are significantly higher than the crypto-winter sale offerings we're getting now! (Although that's Coinhead's opinion, not necessarily Swyftx or YouGov's.)The findings come from Swyftx's second Annual Australian Crypto Survey, conducted by global market research company YouGov. It questioned 2,609 adult Australians in early July, with 548 of the survey sample identified as current crypto holders.There are also some slightly less bullish and nuanced takes to glean from it, so let's take a further look.
The survey's highlights
- Despite the ongoing bear market and , 26% of Aussies are likely to buy crypto over the next 12 months.
- And that's a fair bit for an emerging asset class. Meanwhile, 41% of Australian adults say they are likely to buy stocks in the next 12 months.
- Around one million non-crypto owning Aussies are expected to enter the crypto market in the next year, with Millennials and Gen Zers the most likely to buy. (Boomers, fellow Gen Xers… maybe dip a toe in? It's not that cold.)
- Trust in digital assets has fallen amid the crypto winter. Just over six in 10 (61%) indicated they haven't bought crypto due to a general lack of trust in the asset class – up 3% on last year's survey.
- Lack of effective regulation remains the key barrier to market entry among non-crypto users. (Hurry up and get your started/finished then, Albo. Please.)
- Crypto adoption rates in the country increased by four percentage points over the past 12 months, with 29% of Aussie adults saying they own (21%) or have owned crypto in the past (8%).
- More than half (53%) of respondents reported using digital assets to purchase goods and services in Australia last year, a 10% increase on last year's survey.