The latest Independent Reserve Cryptocurrency Index (IRCI) for Australia, released this week, sheds light on the changing landscape of cryptocurrency attitudes and behaviors among Australians. The fifth edition of the survey, conducted annually, provides key insights into awareness, adoption and trust in the cryptocurrency market.
Now in its fifth year, the Independent Reserve Cryptocurrency Index (IRCI) 2024 is an annual cross-sectional survey of over 2,100 Australians conducted by PureProfile. It is a sample of everyday adult Australians, reflecting the gender, age and geographical distribution of the nation.
The index is a single score out of 100 designed to reflect four key aspects of Australian attitudes towards cryptocurrencies:
- Awareness
- Adoption
- Trust
- Trust
The latest Independent Reserve Cryptocurrency Index (IRCI) for Australia, released this week, sheds light on the changing landscape of cryptocurrency attitudes and behaviors among Australians. The fifth edition of the survey, conducted annually, provides key information on awareness, adoption and trust in the cryptocurrency market.
Key results
- Increased awareness: The survey indicates that 95% of Australians are now aware of at least one cryptocurrency, marking a significant increase from 92% in 2022.
- Bitcoin Mastery: Bitcoin remains the most recognized cryptocurrency, with 93% of respondents familiar with it. Ethereum remains the second best-known cryptocurrency with 42%, followed by Dogecoin with 36%.
- Impact of ETF Approval: The SEC's approval of Bitcoin spot ETFs has positively influenced Australians' perception of Bitcoin, with 25% reporting a more favorable view following ETF approval.
- Investment Preferences: 63% of cryptocurrency investors own Bitcoin, indicating its dominance as the preferred cryptocurrency for investment. Furthermore, 27.5% of Australians have owned or currently own cryptocurrencies in the last 12 months.
- Future Price Predictions: Cryptocurrency investors are optimistic about the future of Bitcoin, with 29% predicting a price range of over AU$100,000 by 2030.
- Adoption Trends: Cryptocurrency ownership has increased to 27.5% in 2024, with notable growth among the over-55 group. Bitcoin remains the leading investment option, with 63% of investors owning it.
- Profitability and investment: The survey shows a steady increase in the number of Australians making profits from their cryptocurrency investments, reaching 37%. However, profitability is still lower than during the 2021 bull market.
- Drivers and barriers: Friends, family and media influence remain the main drivers for Australians to enter the cryptocurrency market. Economic uncertainty and financial constraints remain barriers to investment for some Australians.
- Bitcoin Perception: A growing number of Australians (69%) consider Bitcoin to be money, a store of value or an investment asset, reflecting a decline in skepticism towards the cryptocurrency.
Adrian Przelozny, chief executive of the Independent Reserve group, provided context for the survey. He wrote: โ2023 saw a seismic shift from crypto winter to spring bloom. Since the previous survey, a palpable shift in sentiment has spread across the industry, fueled by Bitcoin. Anticipation of the first Bitcoin spot ETFs triggered an early crypto spring, as Bitcoin's value grew more than 150% in 2023. Bitcoin propelled many investors to profitability, solidifying its position as the undisputed digital gold, and with the next Bitcoin halving approaching in April, 2024 promises. "It will be a bullish year."
Przelozny noted that the local regulatory landscape is gaining ground, with proposals for mandatory Australian Financial Services Licenses (AFSL) for crypto exchanges.
โThis landmark development promises to provide the industry with greater confidence and certainty, paving the way for institutional investment and broader adoption. Despite the challenges facing the cryptocurrency industry in 2023, such as the fallout from the FTX saga and the collapse of Signature Bank, this year's IRCI data demonstrates that Australians' interest and investment in cryptocurrencies continues. remain high and continue to gain momentum. โIt is clear that sentiment has changed and we have entered a phase of renewed optimism and growth.โ
Conclusion
The IRCI Australia 2024 survey paints a picture of growing optimism and awareness in the Australian cryptocurrency market. With increased adoption, positive perceptions of Bitcoin and growing confidence in the future of the market, the findings suggest a continued evolution of cryptocurrencies from the margins to the mainstream of Australian finance. However, challenges such as economic uncertainty and regulatory concerns remain, indicating the need for continued education, regulation, and consumer protection measures to support further growth and market adoption.
