Key Points
- 1 in 5 Australian adults currently own or have previously owned cryptocurrency, significantly higher than the global average of 6.8%.
- Nearly half of Australians (49%) own crypto or are considering purchasing it in the next 12 months, signaling a shift in investment preferences.
In a groundbreaking research report released this month, Easy Crypto, New Zealand’s leading cryptocurrency exchange, in collaboration with Protocol Theory, has unveiled striking insights into the evolving landscape of crypto adoption in Australia. The study, which surveyed 1,063 Australian adults aged 18 to 70, paints a picture of a nation increasingly embracing digital assets as a viable alternative to traditional investments.
Australia Leads in Crypto Adoption
The report reveals that Australia is at the forefront of global crypto adoption, with 20% of adults either currently owning or having previously owned cryptocurrency. This figure dwarfs the estimated global crypto adoption rate of 6.8%, firmly positioning Australia in the ‘Early Adopter’ category of the crypto adoption continuum.
Even more telling is the potential for future growth. When including those considering a crypto purchase in the next 12 months, the adoption figure skyrockets to almost 50% of the Australian population. This suggests a significant shift in investment attitudes, with many Australians viewing crypto as a legitimate addition to their financial portfolios.
Crypto vs. Real Estate: A New Investment Paradigm
One of the study’s most intriguing findings is the comparison between cryptocurrency and the traditional Australian dream of property ownership. With the average first-time homebuyer now needing eight years to save for a deposit, crypto is emerging as an attractive alternative for many.
The accessibility of crypto investments is a key factor driving this trend. Nearly two-thirds of Australians agree that crypto allows for investing smaller amounts over time, compared to 22% who believe they could do the same with real estate. This flexibility particularly appeals to younger generations, with up to 45% of investors aged 39 or younger viewing crypto as a path to greater financial equality.
Challenges and the Road Ahead
Despite the growing enthusiasm, the crypto industry must overcome significant hurdles to broader adoption. The report highlights that 70% of respondents find crypto-related information challenging to understand, while 62% need help knowing who to ask for help. These barriers underscore the need for better education and more user-friendly platforms in the crypto space.
Safety and regulation also remain key concerns. Half of the respondents emphasized the need for stronger government and industry-wide regulations to make crypto more appealing to a broader investor base. This call for enhanced oversight reflects a maturing market seeking legitimacy and stability.
As crypto continues to gain traction in Australia, the industry faces a clear mandate to improve accessibility, education, and security. With these challenges addressed, the report suggests that digital assets could play an increasingly prominent role in the financial futures of many Australians, potentially reshaping the nation’s investment landscape for years to come.
