Almost one million Australians will buy cryptocurrency for the first time in the next 12 months – bringing total crypto ownership in the country to more than five million – a newly released study has found.
The findings come from Australian crypto exchange Swyftx’s second annual Australian Crypto Survey conducted by research firm YouGov.
The survey polled 2,609 Australians over the age of 18 at the start of July.548 of the survey sample were identified as current cryptocurrency owners.
The report indicated that. Despite the current “crypto winter” which saw nearly $2 trillion wiped from the digital assets market last year, Australian crypto ownership is growing 4% year-on-year, reaching 21% by 2022.
According to the report, this figure is set to increase by another one million new crypto owners by 2023, with at least a quarter of Australians planning to buy crypto in the next 12 months, with millennials, Gen Xers, Aussie parents and those in full-time employment more likely to buy.
This finding is broadly in line with recent data from bitcoin processors, saying crypto winter won’t prevent wider adoption, and Luke Ryan, head of content at crypto exchange Synjar, comments that sports sponsorship is helping to legitimize crypto in Australia.
Commenting on the bullish figures for crypto adoption and ownership, SwiftX Head of Strategic Partnerships Tommy Honan told Cointelegraph:
“Based on current growth trends in the use of digital assets, we expect half of adults under 50 in Australia to own or own crypto within the next one to two years.”
However, Honan also said there are many variables that make predicting adoption “very difficult”:
“The expectation is that next year we will see crypto move to a position of control and, all other things being equal, you would expect it to lead to growth in adoption, but it’s not a given.”
Adoption rates are likely to slow over the next 12 months before rebounding as market conditions improve.
“Bear market knocks confidence […] “Confidence can move the levels up and down, so we have to wait and see how quickly the market stabilizes,” he said.
According to the survey, the lack of sound control was seen as the biggest obstacle to investors not investing in crypto, along with a lack of knowledge about how crypto works and general market volatility.
Related: Institutional investors headed to an important point in crypto – Apollo Capital
This discovery is reinforced by the comments of Credit Suisse’s former head of risk, CK Zeng, who believes that the next crypto bull run will be the result of “regulatory transparency” in the United States.
In comments to Cointelegraph Swyftx CEO Ryan Parsons said the report shows there is a clear interest among Australians to buy and use crypto, but a “material reason” for crypto hesitancy remains the norm.
“The drumbeat of the proposed regulations is growing and adoption of digital assets will continue to grow if the current rate continues. This report shows that there is a clear desire among Australians to buy and use crypto. It is important to fill this need responsibly.”