One million Australians are expected to purchase their first cryptocurrency over the next 12 months, according to a study by crypto exchange Swyftx.
The study, which was commissioned by YouGov, suggests that crypto ownership in the country is going to grow significantly, with the survey focusing on 2,609 Australians over the age of 18 in July.
Out of those responding to the survey, 548 said that they were already crypto owners. The crypto winter, a rapid downturn in the industry which saw $2tr worth of assets wiped out, has not dulled investor appetite for cryptocurrencies it seems.
Crypto ownership and adoption have increased by 4% in 2022, the survey revealed. Now, one million new cryptocurrency owners will be entering the market in 2023.
Millennials and Gen Z are among the most likely group to enter the space. According to the survey, 4.2 million people presently hold cryptocurrency in the country, and this comes despite the increase in fraudulent activities associated with the industry.
Australians have been subject to intense online scams that resulted in the loss of AU$242.5m in 2022, up 36% from a year earlier.
Swyftx is excited about the future as the company predicts that half of Australian adults under the age of 50 will be crypto owners within a year or two.
These numbers are still subject to market conditions, but overall, Australia’s appetite for cryptocurrencies has proven resilient despite the proliferation of fraud and the high-risk profile of digital assets.