Survey: Almost one in five adult Australians own crypto in 2020

A recently published survey by the cryptocurrency exchange platform Independent Reserve shows nearly 20% of young adults in Australia own virtual currencies in 2020.

According to the 2020 edition of the Independent Reserve Cryptocurrency Index (IRCI), Australia’s general crypto sentiment improved significantly compared to 2019. Indeed, figures from the IRCI survey put the 2020 crypto index at 47, a gain of over 10% from its previous value of 42, published in the 2019 report

The survey, which covered 1,100 respondents saw across different demographics, saw almost 20% reporting that they owned cryptocurrencies. Participants between the ages of 25 to 44 were the most likely to acknowledge holding one crypto or the other. As previously reported by Cointelegraph, Australia’s crypto sector experienced significant growth in 2020. 

Unsurprisingly, the IRCI showed Bitcoin (BTC) as the most popular virtual currency in Australia with over 88% of respondents declaring that they were aware of the largest crypto by market capitalization. The report also showed equal BTC awareness among men and women but men were three times more likely to know about altcoins than women.

Indeed, the IRCI survey also revealed a growing disparity in crypto adoption between men and women. While the ratio was two-to-one in 2019, the cryptocurrency ownership proportion has doubled and is now four-to-one between males and females.

COVID-19 also seems to have played some role in shaping the crypto sentiment in Australia throughout 2020. Figures from the IRCI survey show 34% of respondents did not buy cryptocurrencies due to the economic uncertainties driven by the pandemic.

Young adults in Australia also seem to be having positive expectations for Bitcoin in the coming years. Over 40% of respondents aged 25 to 34 relayed optimism about increasing crypto adoption in the future.

Despite bullish price outlooks for Bitcoin dominating the wider crypto discourse, the IRCI report indicated a more muted expectation among young adult Australians, most of whom predict BTC will be below $30,000 by 2030. In contrast, respondents above 45 were more inclined to offer a price forecast above $30,000 in the next decade.

The year-on-year improvement in crypto sentiment indicated by the IRCI is part of the generally favorable 2020 for the industry in 2020. Apart from strict regulations against privacy coins, the government has shown a positive disposition towards cryptocurrencies and blockchain during the year.