One million Australians to buy crypto for the first time in next year

Sydney, Australia
One million Australians to buy crypto for the first time in next year
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Around one million Australians will buy into cryptocurrency for the first time over the next 12 months, according to the Annual Australian Crypto Survey commissioned by Swyftx.

Such growth would bring total crypto ownership in the country to more than five million – a fifth of Australia’s population.

Australian crypto exchange Swyftx hired YouGov to conduct the survey, quizzing 2,609 Australians over the age of 18 and finding that 548 of those surveyed held cryptocurrency.

The report stated that despite the current “Crypto Winter”, which has seen approximately $2 trillion in assets wiped from the digital assets market over the course of the last year, Australian crypto ownership has grown 4% year-on-year, reaching 21% in 2022.

According to the report, this figure is set to increase by another one million new crypto owners in 2023, while at least one-quarter of Australians are planning to buy crypto over the next 12 months.

Millenials, Gen Zers, and Australian parents, and those in full-time work were identified as the groups most likely to buy into crypto.

The survey also found that lack of sound regulation was the biggest deterrent to investing in crypto for those who have not yet done so, along with a lack of knowledge about how crypto works, and overall market volatility.

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