CoinSpot, one of Australia’s leading cryptocurrency exchanges, has seen its user base double in just six months – growing from 1 to 2 million users in 2021. With increased media coverage and surging prices, millions of Aussies have begun to invest in crypto.
Founded in 2013, CoinSpot is one of Australia’s earliest cryptocurrency exchanges. It quickly grew a reputation for its fast listings of popular altcoins, being one of the first in the country to list popular DeFi coins. CoinSpot was also the first cryptocurrency exchange to partner with a major sports team in Australia, partnering with AFL’s Western Bulldogs. They have recently extended their partnership.
Demographics and Attitudes are changing
Russell Wilson, founder of CoinSpot, stated that there has been a shift in Australia’s crypto appetite in 2021, which has led CoinSpot’s website activity to increase sevenfold since last year.
With the rise of cryptocurrency ETFs being approved in both Australia and the US, we are seeing signs of a maturing market. No longer is crypto only reserved for tech-heads, we now see interest from institutional as well as self-managed super fund investors.
This changing of the guard has led to a diversification of investors. Previously dominated by men, data currently shows that at least one in three crypto investors are now women. With the rise of Decentralised Finance (DeFi) and NFTs, crypto has gone from a niche investment vehicle into the mainstream.
Despite growing acceptance Wilson suggests that we are still early. Wilson stated that crypto in Australia is still in its infancy, but we are beginning to see the barriers of entry be removed, and that “the greater the access we can provide to this technology, the bigger the opportunities there will be for Australian consumers into the future.”
Australia as a Crypto Hub
Russell’s comments have been backed up by the Australian Government with the Australian Senate Committee recently proposing to make Australia a cryptocurrency hub. This comes after Senator Braggs made similar suggestions at his address to Blockchain Australia at NFTfest.
If Australia does truly become a cryptocurrency hub, we will likely see interest in cryptocurrencies continue to grow and continue to see user growth.
CoinSpot’s Lamborghini giveaway
In staying true to the popular crypto phrase “wen lambo”, CoinSpot has set up a giveaway of a 2017 Lamborghini Huracan in celebration of hitting 2 million users.
Running from October 13th to November 5th, the giveaway is open to all Australian residents over 18. To enter, participants must have made at least one trade on CoinSpot and have completed the entry form answering the question “If you could pick anyone (past or present) to ride along with you, who would you choose and why?”
With Lamborghini giveaways, Bitcoin surpassing all time highs, and enormous growth of investors – it’s clear that crypto’s bull run is not close to over.
