In spite of being concerned over impending crypto industry regulation, at least a quarter of Australians have plans to invest in crypto over the next 12 months according to an annual survey by exchange Swyftx.
Cryptocurrency exchange Swyftx has just published its Annual Australian Crypto Survey for 2022, and the findings are quite surprising considering that the industry is in the depths of crypto winter and that the macro landscape for all asset classes appears to be incredibly uncertain.
Bullish on crypto future
Not only were Australians relatively bullish on the crypto industry as a whole but they also made gains over the past 12 months, with an average of $11,013 made per Australian.
Looking to the future, Australians were certainly bullish on crypto. The survey reported that 26% of adults in the country were planning to buy crypto over the next 12 months, with approximately 1 million of these not currently owners of crypto. Presumably many of these would be new entrants to the crypto market.
Australians who hold crypto are enthusiastic about the longer term future of crypto, with 66% saying that they would like to include crypto in their ‘super fund’. However, among the older baby boomer generation, only 5% said that they would include crypto in their super fund. 38% of current or past crypto holders have crypto in their super fund.
Barriers to crypto adoption
The main barrier to crypto adoption for those Australians who have not yet taken the plunge is that they believe that the sector is not sufficiently regulated. 44% of Australians hold this view, and consider crypto to be untrustworthy as a result.
39% consider themselves to be uneducated on crypto and don’t understand how it works, and 34% are worried about the amount of volatility that can exist with crypto tokens.
3 out of 10 Australians say that they would be more likely to invest in crypto if it were regulated, but 17% of Australians say that this would actually make them less likely to invest, quite possible promoting the idea that cryptocurrencies are more valuable without government regulation.
Those with higher financial acumen buy crypto
It appears that those who really understand the financial implications of crypto are in the majority of those who buy it. The survey showed that 61% of Australians who currently hold crypto reported a high, to very high level of financial literacy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
