Sydney, June 6: A new report from Finder and global crypto exchange Coinbase reveals that over a quarter of Australians, around 5.6 million people, have either owned cryptocurrency in the past year or are interested in doing so.
The “Consumer Cryptocurrency Report 2024” surveyed over 3,000 Australians to explore their attitudes toward traditional finance and cryptocurrency.
John O’Loghlen, Regional Managing Director APAC at Coinbase, remarked on the findings, saying, “Australia is a crypto-curious country, with the majority of Australians believing that crypto has an important role to play in the economy.
However, many Australians still feel like they don’t understand crypto well enough to invest in it or lack the confidence to do so against the current economic backdrop.
The data shows that Australians need regulatory certainty, trust and security to make more informed decisions and take their first steps towards owning crypto.”
Despite high awareness, with 52 per cent of Australians familiar with crypto or crypto ETFs, adoption remains lower, with only 9 per cent having held crypto in the last year.
Millennials and Gen Z are leading the way in familiarity at 60 per cent and 57 per cent respectively, compared to 39 per cent of boomers.
A gender gap exists as well, with 60 per cent of men familiar with crypto versus 41 per cent of women.
The report also found that 17 per cent of Australians have engaged with crypto in the past two years, but 8 per cent exited the market after a turbulent 2022.
Lack of understanding and market volatility are significant barriers to further adoption.
“It is encouraging to see in the data the increasing role that financial advisors play in educating Australians on the risks associated with market volatility in crypto and providing them with tools to help manage that risk,” said O’Loghlen.
“We expect this to continue following the introduction of Bitcoin ETFs in the US, with huge potential for growth in this market as more Australians become exposed to this form of investing.”
For those who own crypto, wealth creation and diversification are key motivators.
Over half (54 per cent) trade at least once a month, and 13 per cent trade weekly or more. The average crypto portfolio is valued at $21,426, which is about a third of the average stock portfolio.
Notably, 76 per cent of crypto owners also hold shares, indicating a trend towards diversified investment strategies.
Australians are optimistic about crypto’s future, with 38 per cent of both owners and non-owners feeling positive about its outlook over the next year.
Nearly half of those interested in crypto believe it has a positive societal impact, and more than half view it as the future of finance.
Regulatory certainty remains a top concern, with 43 per cent welcoming government regulation and 39 per cent feeling the government is too slow in implementing it.
“Australia is also now taking a proactive stance on digital assets regulation and this is hugely positive,” said O’Loghlen.
“The data shows that many Australians have welcomed the Government’s approach in ensuring better protection for investors, while supporting the growth of new businesses and innovation, and want to see regulatory certainty now.”
Graham Cooke, Head of Consumer Research at Finder, added, “Whether you’re a detractor or a HODLer, the research is clear that the crypto space in Australia is filled with highly engaged participants.
For many of those with skin in the game, crypto has evolved from a speculative investment to an important tool for wealth creation and diversification.
Beyond the investment implications, a surprising number of consumers are hoping to use it as a functional currency – with many already doing so – giving us a glimpse into the role crypto may play in the future.”
Finder’s Consumer Sentiment Tracker (CST) surveys over 1,000 Australians monthly through Qualtrics. The survey sample is nationally representative by age, gender, location, and income.
Since April 2019, the CST has surveyed over 60,000 Australians. This report collected data over two months, with an additional 500 respondents each month, totaling over 3,000 Australians, including 332 current crypto owners.
The margin of error for full sample questions is less than two per cent at a 95 per cent confidence level, and five per cent for crypto-owner questions at the same confidence level.
This is one of the most statistically accurate surveys of the Australian population on cryptocurrency to date.
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