Australian crypto owners tipped to hit a million in 2023

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Updated September 27, 2022 | Published September 27, 2022

2 mins read

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.

If you want to use crypto recreationally and not for investment purposes, though, we recommend turning to 1xBit, FortuneJack or Bitcasino.io.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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