Swyftx Survey Says 1M More Aussies to Own Crypto in The Next Year

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Results from a survey conducted by YouGov under the push from Australian crypto exchange Swyftx show that about 1 million Aussies will enter the crypto ecosystem in the next 1 year by purchasing cryptocurrencies.

This result from the second Annual Australian Crypto Survey will mean a spike in the rate of crypto adoption in Australia.

The survey which was held between July 5th to July 11th involved 2,609 Australian adults who were all above the age of 18. Amongst the sample population, 548 participants were already owners of cryptocurrencies. Markedly, the prevalent extreme crypto winter which wiped out over $2 trillion in digital assets has obviously not deterred crypto adoption in Australia.

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At present, about 4.2 million Aussies have cryptocurrencies with the highest growing segment being parents who have bought cryptocurrencies to hold in trust for their dependents. If the prediction of Swyftx based on the survey results is true, this will bring the population of crypto holders in Australia to more than five million.

Crypto Adoption Spikes In Australia

Out of the 4.2 million who previously owned crypto in Australia, a large percentage of them are millennial males who are assumed to be born between 1981 and 1996.

From the results, it was realized that female crypto adoption had unexpectedly frozen and remained on the same adoption level since 2021. Although the current prediction includes 17% of females who will likely purchase crypto in the next 12 months.

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Australian crypto ownership has grown from 4% year-on-year (YoY) reaching 21% YoY in 2022. Other former crypto holders in the country are still willing to buy more in the coming year. This includes Millenials, Gen Zers, Aussie parents, and those in full-time work. On this note, Tommy Honan Head of Strategic Partnerships at Swyftx commented,

“On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years.” Earlier this year, the Cyber Security Industry Advisory Committee proposed several steps to boost crypto adoption in the country. 

Key areas which the draft addressed were minimum cyber security standards, capability (knowledge through specialized training), the follow-the-lead strategy, and operator transparency. 

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