Crypto Adoption in Australia Grows Along With Concern Over Volatility

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.

  • 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