Australia now has among the highest levels of cryptocurrency ownership in the developed world, the country’s largest and most authoritative survey on crypto shows.
A quarter (25%) of all Australians have owned crypto, according to YouGov research commissioned by Swyftx. This compares to around 13% of US adults who have bought or traded crypto over the last 12 months, and just 4% of UK adults.
The full survey report also reveals:
- Who exactly is buying cryptocurrency in Australia
- How much money people are making from digital assets
- Where Australians are spending their crypto
- How many different tokens and coins Australians own
- Whether people think crypto is the future of online finance
- Levels of crypto understanding among Australians
- Cryptocurrency holders’ investment intentions and attitudes to holding digital assets in areas like super funds.
Who is buying crypto in Australia?
Our Annual Australia Cryptocurrency Survey report of 2,768 adults reveals widespread cryptocurrency adoption, especially among younger Australians. More than a third (36%) of under 50s own or have owned digital assets like Bitcoin and Ethereum. In total, around 5m Aussies have purchased cryptocurrency.
According to the survey, the profile of a ‘typical’ Aussie crypto user is now a millennial parent with a child under 18 living at home.
The survey suggests the country is also close to a tipping point in terms of a majority of millennials adopting crypto. Just over two fifths (42%) of Australians born between 1981-96 had owned, or currently owned cryptocurrency when the survey was conducted in July 2021.
Swyftx expects a majority of millennials will own or have owned cryptocurrency, within the next six to eight months.
How much money are Australians making from cryptocurrency?
76% of Aussie cryptocurrency owners reported making a profit from their crypto investments over the last 12 months. The average profit made by Australians buying and selling cryptocurrencies like Bitcoin and Ethereum was more than $10,000. Close to two months of the average national salary.
Aussie parents with children under 18 at home were the most likely to make money from their cryptocurrency trading, with 86% reporting a profit.
On average, they made $12,428. At the top end of the performance range, around 12% of cryptocurrency owners reported making over $30,000 in the 12-month period before the survey.
Cryptocurrency sentiment in Australia
Australians remain sharply divided on whether crypto will overtake fiat currency. A third (33%) of Aussies agreed with the statement that crypto is the future of online financial transactions, while four in ten (43%) disagreed and a quarter (25%) were unsure. Sydneysiders were the most likely to agree – with just under half (43%) of all adults in the city agreeing with the statement that ‘crypto is the future of online financial transactions.’
Aussies aged 65+ are the most likely (46%) to consider cryptocurrency a form of gambling. They are also the most likely (50%) to say they don’t trust digital assets because they don’t think it is well regulated.