Crypto Users in Australia Up By Over 10 Percent, Bitcoin Most Popular: Report

The report titled 2021 Independent Reserve’s Cryptocurrency Index (IRCI) drew its results from the participation of over 2,000 individuals.

By Radhika Parashar | Updated: 7 December 2021 16:06 IST

Crypto Users in Australia Up By Over 10 Percent, Bitcoin Most Popular: Report

Photo Credit: Unsplash/ Amber Weir

Many Australians are avoiding the crypto market due to its volatility

Highlights

Crypto investing is gaining steam in Australia
Bitcoin is the most popular cryptocurrency there
Pro crypto age group in Australia is 24-34

The number of crypto investors in Australia has risen to 28.8 percent this year – registering a ten percent increase in the 18.4 percent that was recorded last year, according to a recently released report. This report is called the 2021 Independent Reserve's Cryptocurrency Index (IRCI). The results of this study also reveal that Bitcoin is the most popular crypto asset, based on the answers of over 2,000 individuals who participated in the survey.

The report published on Tuesday, December 7 claims that the growing popularity of investing in crypto assets among Australians is driven by the positive experience existing members of the crypto community have had.

Up from 78 percent in 2020, this year 89 percent Australians have accepted having made money via crypto assets.

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“I think it's quite natural that more and more people get interested in an asset class that's clearly outperforming the rest of the market,” a report by CoinTelegraph quoted Independent Reserve CEO Adrian Przelozny as saying.

Among other findings, the IRCI report said 47.5 percent crypto investors in Australia are influenced by their friends and family experimenting with the space.

The age group of 24 to 34 are most enthusiastic about giving the crypto space a fair chance.

The volatility of the crypto market is the main reason why many Australians are still not sure about stepping into the space.

“With time, I think you'll see volatility and the perceived risk of this investment reduce,” Przelozny has assured.

While 89.1 percent Australians are aware of Bitcoin, 21.1 percent already own it.

In October, Jane Hume, the Digital Economy Minister of Australia had also validated the crypto space, saying the overall crypto space is not a “fad”, while suggesting the government to be open to upcoming tech innovations.

Recently, the CEO of Australia's largest bank, Commonwealth Bank also predicted larger risks in not getting into the digital asset industry timely and has signed partnerships with leading crypto players.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Australia, Bitcoin

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More