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Australian Crypto Survey 2023: Women Continue to Profit More From Crypto Than Men 

Australian crypto survey

Crypto adoption increases and Aussie women report bigger profits than men for a second year in a row, reveals the latest Swyftx national digital assets survey. 

Australia has retained its position as a global leader for cryptocurrency adoption with 23% of adults in the country now owning digital assets.  

Swyftx’s third national survey on cryptocurrency found a 2% jump in the number of Aussies owning crypto, with big increases recorded among Millennials, Victorians and women.  

Following a 90% rally in the price of Bitcoin over the last eight months, just under one in five (17%) crypto users in the country reported earning profits of $10,000 or more from their trading over the last 12 months. An elite 4% reported making profits of $50,000 or more.  

But after a rocky year for digital assets that included the disastrous collapse of FTX and the arrival of widespread cost of living pressures, the survey found fewer Gen Zs and Gen Xs in Australia now own crypto compared to last year. 

The annual survey is run by respected international polling organisation YouGov. It is one of the largest annual tracking surveys on cryptocurrency usage in the country. You can view the full results of the crypto survey here

You can view our previous two Australian crypto surveys here: 

Crypto ownership in Australia

The third Swyftx Australian digital assets survey finds cryptocurrency adoption is still rising. The country today has the highest rate of cryptocurrency adoption (23%) among developed nations and the 8th highest in the world. This compares to an estimated 16% in the United States and 12% in the UK (source: Statista). 

In total, an estimated 4.5 million Australians currently own crypto compared to 4.2 million in 2022 and 3.4 million in 2021. The number of females reporting that they own digital assets significantly increased year on year, from 11.9% to 16.1%.  

Adoption among Millennials surged from 35.6% to 40.7%. The total number of Australians who own digital assets, or have owned them in the past, is now 32.4%. Ownership among Victorians rose faster than other states. Just over one in five (21%) Victorians report owning digital assets, up six percentage points year on year.  

But the collapse of FTX has slowed adoption from last year. The top reason Australians don’t own digital assets is now concern over the sector’s regulation. 

Majority of Aussies crypto traders report profits 

Once again, a significant majority of Aussie crypto owners say they have profited from their cryptocurrency trading. In total, 64% of Australians reported making money on their crypto in the last 12 months compared to 72% last year. 

In a reversal of last year’s findings, men were more likely to report making a profit (70%) than women (55%), but women reported larger average profits for a second year running.  

The importance of consumer education was again highlighted this year. In line with previous Swyftx surveys, Australians with a strong or some understanding of the digital asset market were significantly more likely (70%) to record a profit than respondents with little or no understanding (41%). 

Most crypto users know their Bitcoin from their XRP 

A large majority of Australian digital asset users report an understanding of the cryptocurrency market, likely due to the country’s high level of early grassroots adoption. Just 1.5% of current digital asset users report no understanding of the market.  

Our survey also finds local digital asset holders continue to report much higher levels of financial understanding than non-crypto users. Over half (55%) say they have a high or very high level of financial knowledge compared to 16% of those who have never owned cryptocurrency.  

Just under a million Aussies plan to enter the market in the next year

There’s no way of dressing it up, it’s been a year to forget for crypto. But with many of the world’s biggest businesses – like BlackRock, Fidelity, and Paypal – looking to increase their exposure to digital assets, it appears Aussie crypto users are getting more excited about the future for the market.      

This year’s survey finds that long term confidence in blockchain technology has increased. Around a third of all Australian adults (31%) today agree that cryptocurrency is the future of online financial transactions. A three percentage point increase on last year. On top of this, the report estimates that more than 900,000 Aussies will enter the market for the first time in the next year. If correct, it is possible more than a quarter of Australians would hold crypto by this time next year.  

View the full results of the crypto survey 

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