Swyftx, which has more than 600,000 users in Australia and New Zealand, conducted its annual survey for September 2022. Interestingly, the results reveal that Australian women reap more crypto benefits than Australian men.
Despite high volatility and downtrends in the market, 72% of crypto users have reported profits on their investments. In addition, the average profit earned by Australian women this year stands at $7,256 compared to the average profit of $7,034 earned by Australian men.
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Additionally, research conducted by YouGov and commissioned by Swyftx reveals that Australia’s interest in crypto continues to grow despite the catastrophic effects of the sudden crypto winter.
Crypto ownership grew 4% from 17% to 21% by 2022. Additionally, the survey indicates that 29% of crypto holders remain bullish on long-term investments, who invest or have invested in crypto . On the other hand, the number of people who believe that crypto will become the money of the future has dropped by 5% compared to the previous year.
Increased use of core cryptography
According to the study, the use of cryptocurrencies in daily life has increased by 10% in Australia. The report says;
Australians are using cryptocurrency as a medium of exchange for goods and services. Crypto spending has increased by 10pp over the past 12 months, with 53% of crypto-owning Australians reporting that they have used their crypto to make purchases.
Amazon is one of the most used online marketplaces that attracted 27% of cryptocurrency users in Australia, with 21% spending on fuel at pumps and 23% on restaurants.
Speaking about the rise in crypto spending, Tommy Hanan, Head of Strategic Partnerships at Swyftx, noted in a statement;
It’s interesting to see such a significant increase in the number of Australians using crypto to shop online because it speaks to where the future of digital assets almost certainly belongs. Over the next five to ten years, we expect to see a lot less cryptocurrencies and a lot less market volatility. Digital assets and traditional finance are likely to be indistinguishable from each other.
Regulation remains a major concern preventing Australians from entering the crypto space
According to Swyftx, 61% of Australian individuals have not purchased cryptocurrency to date, up 3% from the previous year’s figure of 58%. In addition, 43% of people who do not own crypto pointed to the lack of regulatory efficiency that prevents them from investing in digital assets.
On the other hand, 26% of Australian adults expressed their intentions to buy crypto assets probably within a year, while 41% plan to buy stocks and shares within 12 months.
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The percentage expected to enter the crypto space in the next year equates to around one million new users. A large portion of them represent millennial Gen Zers, born after 1996. However, to accelerate growth beyond this year’s flat figure, the government must improve consumer protection, the report urged by Swyftx.
Featured image from Pixabay and chart from TradingView.com