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Australia now has among the highest levels of cryptocurrency ownership in the developed world, the country’s largest and most authoritative survey on crypto shows.
A quarter (25%) of all Australians have owned crypto, according to YouGov research commissioned by Swyftx. This compares to around 13% of US adults who have bought or traded crypto over the last 12 months, and just 4% of UK adults.
The full survey report also reveals:
Our Annual Australia Cryptocurrency Survey report of 2,768 adults reveals widespread cryptocurrency adoption, especially among younger Australians. More than a third (36%) of under 50s own or have owned digital assets like Bitcoin and Ethereum. In total, around 5m Aussies have purchased cryptocurrency.
According to the survey, the profile of a ‘typical’ Aussie crypto user is now a millennial parent with a child under 18 living at home.
The survey suggests the country is also close to a tipping point in terms of a majority of millennials adopting crypto. Just over two fifths (42%) of Australians born between 1981-96 had owned, or currently owned cryptocurrency when the survey was conducted in July 2021.
Swyftx expects a majority of millennials will own or have owned cryptocurrency, within the next six to eight months.
76% of Aussie cryptocurrency owners reported making a profit from their crypto investments over the last 12 months. The average profit made by Australians buying and selling cryptocurrencies like Bitcoin and Ethereum was more than $10,000. Close to two months of the average national salary.
Aussie parents with children under 18 at home were the most likely to make money from their cryptocurrency trading, with 86% reporting a profit.
On average, they made $12,428. At the top end of the performance range, around 12% of cryptocurrency owners reported making over $30,000 in the 12-month period before the survey.
Australians remain sharply divided on whether crypto will overtake fiat currency. A third (33%) of Aussies agreed with the statement that crypto is the future of online financial transactions, while four in ten (43%) disagreed and a quarter (25%) were unsure. Sydneysiders were the most likely to agree – with just under half (43%) of all adults in the city agreeing with the statement that ‘crypto is the future of online financial transactions.’
Aussies aged 65+ are the most likely (46%) to consider cryptocurrency a form of gambling. They are also the most likely (50%) to say they don’t trust digital assets because they don’t think it is well regulated.