Massive jump in number of Australians who own crypto: Survey

According to Adrian Przelozny, CEO of Independent Reserve, the tendency will continue as crypto develops and becomes less volatile.

According to the Independent Reserve’s Cryptocurrency Index (IRCI) study of more than 2,000 persons conducted in 2021, the number of Australians who own or have owned cryptocurrency has increased to 28.8%, up from 18.4% in 2020.

The findings imply that the good experience of people who possess crypto is driving the sector’s development, with 89 percent of those polled stating they had gained money or broken even, up from 78 percent in 2020.

Due to an atmosphere in which it has become “extremely difficult to earn returns on investments,” Independent Reserve CEO Adrian Przelozny told Cointelegraph that these results did not surprise him.

“Over the previous 12 months, cryptocurrencies have comfortably outperformed every other asset,” he said, before adding:

“It’s only logical that more individuals get interested in an asset class that is plainly outperforming the rest of the market,” says the author.

Bitcoin (BTC) was named the official best-performing asset class of 2021 by Cointelegraph in October.

As crypto develops and becomes less volatile, Przelozny believes the tendency will continue. He claims that cryptocurrency’s “greatest ally” is that “the longer it’s there, the more accepted it gets.”

“I believe that with time, the volatility and perceived risk of this investment will decrease.”

If there were more consumer safeguards in place, 28.6% of those questioned by the IRCI who do not presently own crypto indicated they would invest. Another 26.6 percent indicated they would purchase cryptocurrency if industry regulations were better.

“The market still needs regulation to catch up and provide greater protection for both investors and bitcoin firms,” Przelozny added.

“I believe that once regulation is in place, a whole new class of investors will enter this market.” That, I believe, is what we’ve seen in other jurisdictions, such as Singapore.”

Regulation is needed for continued growth

Przelozny told Cointelegraph that when these regulatory difficulties are resolved, he expects elderly Australians over 65 to be the next large wave of investors.

“Before they take the leap and enter the bitcoin industry, they want the government to provide consumer protections.”
Unsurprisingly, the 24 to 34-year-old age group was the most trusting of crypto, with 27.6% indicating they got in to make money, while the above 65-year-old age group was the most skeptical.

Bitcoin is the most well-known and popular cryptocurrency, according to the IRCI, with 89.1 percent of Australians have heard of it and 21.1 percent possessing it. Ethereum is the second most popular crypto asset, with 11 percent claimed ownership, up from only 5% in 2020.

PureProfile conducts an annual cross-sectional study of over 2,000 Australians called the IRCI. The sample, according to Independent Reserve, was representative of the country’s gender, age, and geographic dispersion.