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A new study projects that crypto adoption in Australia will continue to surge in the months ahead despite the current market downturn. The newly released survey expects around one million Australians to make their first crypto purchase over the next 12 months.
The optimistic prediction is based on the results of crypto exchange Swyftx's second Annual Australian Crypto Survey, which research company YouGov carried out, Cointelegraph reported. The poll was conducted in early July and involved 2,609 Australians over 18 as respondents. Only 548 of the survey participants identified themselves as current cryptocurrency owners.
Despite the current "Crypto Winter," which has seen over $2 trillion in assets wiped out from the crypto market the past year, crypto ownership in Australia has increased 4% year-on-year, reaching 21% in 2022.
The survey projects that by 2023, there will be an additional one million cryptocurrency owners bringing total crypto ownership in the country to over five million. With a population of around 26 million, this means that at least 25 percent of Australians will be crypto owners in the next 12 months, with millennials, Gen Zers, Australian parents, and full-time workers leading the trend.
This finding is in line with recent data from a bitcoin processor that suggests widespread adoption of cryptocurrencies is not being hampered by the so-called "crypto winter" and comments made by the head of content at the cryptocurrency exchange CoinJar, Luke Ryan, who asserts that sports sponsorship is helping to legitimize cryptocurrencies in Australia.
“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,” Swyftx’s Head of Strategic Partnerships, Tommy Honan told Cointelegraph.
Honan admits, however, that forecasting adoption is fiendishly difficult as there are many variables to consider. “The expectation is that we’ll see crypto move into the regulated space next year and, all other things being equal, you’d expect that to trigger growth in adoption, but it isn’t a given,” he added.
There is also the possibility that the adoption rate may slow down over the next 12 months before recovering. “The bear market has knocked confidence [...] Confidence can take the stairs up and the lifts down, so we are going to have to wait and see how quickly the market takes to stabilize,” he added.
The lack of sound regulation is identified by the survey as the biggest factor that holding back potential investors. Other significant factors that hinder adoption are the volatility of the market and the lack of knowledge about how crypto works.
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