Survey Shows In The Future 12 Months More Than 5 Million Australian People Buy Crypto

JAKARTA Crypto adoption continues to increase. In fact, around one million Australians are rumored to be buying cryptocurrencies for the first time over the next 12 months. This brings the country's total crypto holdings to more than five million.

According to a recent survey released from the second Annual Australian Crypto Survey by Australian crypto exchange Swyftx, also conducted by research firm YouGov.

The survey interviewed 2,609 Australians over 18 in early July, with 548 survey samples identified as current cryptocurrency holders.

The report states that despite the current Crypto Winter which has seen assets of around $2 trillion removed from the digital asset market over the past year, Australia's crypto holdings have grown 4% year on year, reaching 21% by 2022.

According to the report, this figure will increase by one million new crypto owners by 2023, while at least a quarter of Australians plan to buy crypto over the next 12 months, with Millennials, Gen Zers, Aussie parents, and those working full-time likely to buy crypto.

The findings broadly align with the latest data from bitcoin processors that suggest that crypto winter does not hold back widespread adoption and comments from CoinJar's head of crypto exchange content, Luke Ryan, claim that sports sponsors help legitimize cryptocurrencies in Australia.

Based on the current growth trajectory in the use of digital assets, we estimate half of the adults under 50 in Australia have or have had crypto in the next one to two years, said Swyftx's Chief Strategic Partnership, Tommy Honan, to Cointelegraph, commenting on the bullish number for adoption and current crypto holdings.

However, Honan said many variables make forecast adoption "very difficult."

"Hopefully we'll see crypto move into the room set next year and, all other things are considered the same, you'll expect that to trigger adoption growth, but that's not given", Honan added.

Honan said the adoption rate could slow for the next 12 months before recovering due to market conditions improving.

"Bearish markets have dropped trust even beliefs can go up and down, so we have to wait and see how quickly the market is needed to stabilize", he said.

According to the survey, a lack of good regulation has been exposed as the biggest barrier to investing in crypto for those who haven't done so, along with a lack of knowledge about how crypto works, and overall market volatility.

The findings were reinforced by recent comments from the former head of risk at Credit Suisse CK Zheng, who believes the next crypto increase will be the result of regulatory clarity in the United States.

In comments to Cointelegraph's co-CEO, Swyftx Ryan Parsons said the report showed there was a clear demand among Australians to buy and use crypto, but the material factor for crypto doubts remains a rule.

Drumbeat for the rules set to grow and will continue to grow if digital asset adoption increases at current levels. As this report shows, there is a clear demand among Australians to buy and use crypto. It is very important that we fulfill this request responsibly", said Parsons.