Bitcoin adoption in Australia is growing rapidly
It looks like Australia is becoming a super haven for cryptocurrency and blockchain activity. According to a new survey, it appears that roughly 20 percent of its residents have either owned cryptocurrency in the past or possess it at the time of writing.
Australia’s overall crypto perception improved in 2020 but adoption among women is still lacking.
According to the Independent Reserve Cryptocurrency Index (IRCI) for 2020, the overall sentiment towards cryptocurrencies in Australia has improved significantly compared to 2019. According to IRCI, the cryptocurrency index has been assigned a value of 47 for 2020, up from 42 in last year’s report.
In the survey, which included 1100 respondents from different demographic groups, 18.4% reported owning cryptocurrencies. Participants aged 25 to 44 were most likely to admit to owning at least one cryptocurrency.
Bitcoin is the most popular cryptocurrency in Australia, according to IRCI. More than 88% of respondents said they were aware of BTC. The report also showed equal awareness of Bitcoin among men and women, but men were three times more likely to be aware of altcoins than women.
According to IRCI, men were also more likely to own cryptocurrencies than women. In 2019, the ratio was two to one, but in 2020, the proportion of cryptocurrency ownership doubled and is now four to one between men and women. The coronavirus pandemic also played a role in shaping sentiment towards cryptocurrencies in Australia throughout 2020. Figures from the IRCI survey show that 34% of respondents did not buy cryptocurrencies because of the economic uncertainty caused by the pandemic.
More than 40% of respondents aged 25 to 34 are optimistic about cryptocurrencies growing in popularity in the future. With a majority of younger Australians predicting that BTC will be worth less than $30 000 by 2030. However, respondents over the age of 45 were inclined to predict a price above $30 000 in the next decade.
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