A survey published by financial analytics company Finder found that crypto ownership in Australia had increased by 6% since October.
Ever more crypto owners down under
Crypto-related surveys have led to a lot of controversy over the recent month.
One survey found that almost one in five Australians owns crypto. Another one found that 31 percent of Gen Z Australians own crypto. But yet another survey contradicted that, arriving at 38 percent crypto ownership among millennials and Gen Z Australians.
So, who is right?
That probably depends on whom you ask and how you ask. Several Australian politicians have suggested that the methodology employed by these surveys is far from scientific. Quite the contrary, several research companies have been accused of a conflict of interest, leading them to massage the numbers to make crypto ownership appear larger than it is.
Be that as it may, the most recent survey by Finder, which publishes the “definitive ranking of the most popular cryptocurrencies across 27 countries,” found that crypto ownership in Australia is increasing.
22.9% of Australians own crypto, up from 16.8% in October’s survey. That means Australia well exceeds the global average of 15.5 % crypto ownership. It also recorded a higher growth: 6.1% compared to the global growth of 4.3%.
According to Finder, Bitcoin is the country’s most popular coin, with 72.7% of crypto owners holding Bitcoin. That means Australia tops the ranking for Bitcoin ownership, with Ethereum being the second-most popular coin and Dogecoin the third. Similar to Bitcoin, Australia far exceeds the global average for Doge (29% to 18.5% globally), as well as for Ethereum (42.9% to 24.4% globally).
Other crypto trends in Australia
The survey had a few more insightful results regarding how ownership of crypto is distributed.
For instance, 71% of crypto owners are men and 29% women, making Australia far more male-dominated compared to the global average (60% to 40%). One possible explanation is that crypto is an investment vehicle rather than a means of payment down under, making men more likely to come into contact with crypto.
Another interesting example is the global age trend for crypto ownership. Globally, 56.1% of crypto owners are aged 18 to 34, but in Australia, the 35-54 age bracket dominates crypto ownership (48.3%). 47% of 18-34-year-olds are likely to say they own crypto, slightly less than the global average.
Finally, Australia surprisingly ranked only 14th out of 23 countries when it comes to crypto sentiment. Asked whether they thought crypto was a good investment, only 28% responded affirmatively, while 43% of respondents globally see it as a good investment. On the flip side, Australia was first for crypto awareness, with 85% of internet users aware of crypto.
Conclusion
Although these results should be taken with a pinch of salt, they tell an interesting story directionally:
- Crypto is rising in popularity…
- …more amongst men than women.
- …with surprisingly many Baby Boomers interested in crypto.
It will be worth keeping these numbers in mind for the next crypto-related survey, but safe to say that Australia is a crypto hub, at least in a few regards.