Australian Interest in Bitcoin Increases After Spot Bitcoin ETF Approval in the US

The approval of spot Bitcoin exchange-traded funds in the United States has led to a rise in Australian interest in Bitcoin according to a February 21 survey.

Australian-based crypto exchange Independent Reserve’s survey revealed that Bitcoin sentiment in Australia experienced a 25% boost after spot Bitcoin ETFs received approval from the U.S. Securities and Exchange Commission on January 10.

Australian Independent Reserve Cryptocurrency Index (IRCI) 2024 is here!

🚀 #Crypto ownership up to 27.5%
⬆️ $BTC viewed favourably post-spot ETF approval
🎉 95% awareness of crypto
🟠 #Bitcoin remains no. 1

📝 View report & insights👇https://t.co/LvtnnjMT0z#CryptoNews

— Independent Reserve (@indepreserve) February 21, 2024

The Independent Reserve Cryptocurrency Index

The Independent Reserve Cryptocurrency Index is an annual survey conducted by the Independent Reserve that seeks to examine Australian attitudes towards crypto. This year’s iteration, published on February 21st, surveyed 2,100 adult Australians which were “reflective of the gender, age and geographic distribution of the nation,” the Independent Reserve said.

There was a slight increase in adoption rates in 2024, the survey noted. However, uncertain economic conditions hindered further adoption.

The positive shift in sentiment was particularly pronounced among those aged 55 and above, with a 100% increase in favorability toward Bitcoin.

Independent Reserve CEO Adrian Przelozny noted that “sentiment has demonstrably shifted,” adding that the industry has entered a phase of renewed optimism and growth.

“2023 saw a seismic shift from crypto winter to a spring bloom,” Przelozny said. “Since the previous IRCI survey, a palpable shift in sentiment has swept across the industry that has been fueled by Bitcoin.”

The survey revealed that 19% of respondents would consider investing in an Australian Securities Exchange-listed spot Bitcoin ETF if one were available. Enthusiasm was highest among respondents aged 25 to 34 and 35 to 44, at 29% and 30%, respectively.

Approximately one-third of respondents indicated a likelihood of investing in Bitcoin over the long term through a self-managed retirement fund. However, these respondents were divided on whether they would prefer accessing Bitcoin via a crypto exchange or ETF.

Overall, crypto ownership increased by 1.9% to 27.5% between 2022 and 2024. The largest shifts were observed among those aged 55 to 64 and 65 and above, with increases of 128% and 200%, respectively.

Australian Crypto Skeptics Remain

While there was an uptick in ownership and a positive shift in sentiment, not all indicators suggest a bullish outlook.

The primary factors dissuading Australians from investing in crypto are price volatility and risk aversion, with 42% citing these concerns. Second on the list was a perceived lack of consumer protection and regulation, as mentioned by 38% of respondents.

18% of respondents who don’t invest in crypto said they wanted to but decided against it due to uncertain economic conditions. Similarly, 18% of crypto investors said they were considering parting ways with their crypto to cope with increased living costs and rising interest rates.