Cryptocurrency

36% of Australians want more crypto regulations: IRCI report

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In Issue 4, the Independent Reserve Cryptocurrency Index (IRCI) 2022 Studied Over 2,000 Australians rate their attitudes towards digital assets. The survey found that 92% of Australians knew about cryptocurrencies, and 25.6% of them owned digital coins.

Although the sample consisted of just 2,000 people, the annual survey reflects the average Australian adult. Moreover, the sample population reflects diversity in terms of gender, geographic distribution, and age.

Bitcoin was the most recognized cryptocurrency in the country, followed by Ethereum and Dogecoin. Only 8% of those surveyed said they had never heard of cryptocurrencies.

In fact, Ethereum and Solana awareness surged by 6.2% and 4.8% respectively between 2021 and 2022. The report attributed Ethereum’s growth to its recent shift away from Proof of Work, while his DeFi growth boosted Solana’s popularity.

The report also found that most Australians are committed to long-term crypto adoption as long as the country adopts better crypto regulation.

Crypto Ownership in Australia

Additionally, 36.1% of Australians say they are not investing in cryptocurrencies due to lack of consumer protection and cryptocurrency regulation, up from 24.8% in 2021. However, 32% said they would be willing to invest if regulators put more emphasis on consumer protection.

Age and Gender of Crypto Ownership

An interesting data set, on the other hand, is a 1.4% increase in female cryptocurrency owners, while a 10% decrease in male ownership. The rise in female cryptocurrency owners is behind her 100% increase in women in cryptocurrency last year.

According to IRCI report, Australia has 21.4% female cryptocurrency owners. A figure that nearly bridged the gap between men and women in digital currency ownership.

In terms of age, cryptocurrency ownership increased from 38% to 45.5% among respondents aged 35-44 and from 25.3% to 27% among respondents aged 45-54.

The biggest decline in cryptocurrency ownership was reflected across the youngest population between the ages of 18 and 24, with ownership falling from 55.7% to 30.7% in one year. Nonetheless, some younger generations say they would be more than happy to invest in digital currencies if they were in the financial position to do so.

Posted In: Australia, Adoption

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