The findings come from the annual Australian Cryptocurrency Survey, commissioned by the Australian cryptocurrency exchange Swyftx.
According to a recently published survey, around a million Australians will buy crypto for the first time in the next 12 months, bringing the total number of crypto holders in the country to over five million.
Findings come from the second annual Australian Cryptocurrency Survey conducted by Australian cryptocurrency exchange Swyftx, which was conducted by research firm YouGov.
A survey in early July surveyed 2,609 Australians over 18, with 548 of the sample identified as current cryptocurrency holders.
The report states that despite the current “crypto winter” which has seen nearly $2 trillion worth of assets wiped from the digital asset market over the past year, Australian cryptocurrency ownership has increased by 4% year-over-year, reaching 21% in Last year. 2022.
According to the report, this figure is expected to increase by one million new cryptocurrency holders in 2023, while at least a quarter of Australians plan to buy crypto within the next 12 months, including millennials, Generation Z, Australian parents and those who works full time. most likely to buy.
Annual Australian Cryptocurrency Review, Swyftx.
This conclusion is broadly in line with recent data from the Bitcoin Processor suggesting that the crypto winter is not holding back widespread adoption and comments from CoinJar crypto exchange content manager Luke Ryan who says sports sponsorship is helping to legitimize crypto in Australia.
Commenting on the upbeat crypto adoption and ownership figures, Swyftx Head of Strategic Partnerships Tommy Honan told Cointelegraph:
“Based on the current growth trajectories of digital asset use, we expect half of adults under 50 in Australia to own or own crypto within one to two years. »
However, Honan said that there were many variables that made it “pretty damn difficult” to accept forecasts, adding:
Cryptocurrency is expected to move into the regulated space next year and, all other things being equal, you would expect this to drive adoption, but it is not happening.
Honan said the adoption rate could slow over the next 12 months before recovering as market conditions improve.
“The bear market has shaken confidence […] Confidence can go up the stairs and down the elevator, so we’ll have to wait and see how quickly the market stabilizes,” he said.
According to the survey, the lack of strong regulation has proven to be a major barrier to investing in cryptocurrencies for those who have not yet done so, along with a lack of knowledge about how cryptocurrencies work and general market volatility.
This conclusion is reinforced by recent comments from former Credit Suisse Chief Risk Officer Zheng S.K., who believes that the next bull run in crypto will be the result of “regulatory clarity” in the US.
In a comment to Cointelegraph, Swyftx co-CEO Ryan Parsons said the report shows there is clear demand among Australians to buy and use crypto, but regulation remains a “significant factor” in crypto hesitation.
The pace of certain regulations is increasing and will continue to increase if the adoption of digital assets continues to grow at the current pace. As this report shows, there is a clear demand among Australians to buy and use cryptocurrencies. It is imperative that we respond responsibly to this request.