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Crypto Adoption in Australia Grows Along With Concern Over Volatility
Around one in six Australians owns crypto, a report by Finder showed.
Updated Sep 14, 2021, 1:12 p.m. Published Jun 17, 2021, 1:42 p.m.
Crypto ownership in Australia has grown since the beginning of the year, though volatility remains a barrier to wider adoption, a new report has shown.
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- Around one in six (17%) Australians owns crypto, according to the report by Finder, The Australian reported Thursday. That's up from 12% at the start of the year. The article did not say how many people were surveyed.
- The most popular currency, bitcoin, is owned by 9% of Australians though this has fallen from 13% at the start of 2021. Bitcoin's decline reflects the increasing popularity of ethereum (8%), dogecoin (5%) and bitcoin cash (4%).
- Crypto adoption appears to be constrained by concerns over volatility. As many as 43% of Australians saw volatility as a deterrent to investing, a 14% increase since January, The Australian said.
- Nearly one-third of respondents (32%) would rather buy stock shares or keep their money in savings. One-quarter (25%) say crypto assets are overvalued, an increase of 9 percentage points more than at the beginning of the year.
Read more: Australian Tax Office Warns Investors to Report Crypto Gains and Losses
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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