Nearly 20% of Australians now own cryptocurrency, as directed towards Bitcoin and other enhanced digital assets: Survey

As the price of Bitcoin (BTC), the leading cryptocurrency, surges at an all-time high (and recently surpassed the $ 24,000 mark), a new report reveals that “attitudes” towards the digital asset are “improving” with nearly one in five or 20% of Australians now “own” some virtual currency.

As mentioned in an update shared with Crowdfund Insider, held annually, the Independent Cryptocurrency Index (IRCI) is a nationwide survey that offers a benchmark for “the awareness, trust and confidence” that Australians have in virtual currencies. Bitcoin or BTC remains the “best known” cryptocurrency, with 88.8% of the nation’s residents confirming that they are (at least) “aware of it.”

As noted in the update:

“According to the IRCI, 78.2% of crypto-owned survey respondents in 2020 said they were breaking the budget or better, with only 21.8% reporting a loss. The bracket aged 45 – 54 was the most likely to have made money, with more than half in the black. This was a strong improvement on last year, where only 35% of their age group increased their wealth through crypto. ”

Adrian Przelozny, CEO Independent Reserve, the Australian digital asset exchange that kicked off the inaugural IRCI in 2019, said they saw much more traditional and institutional investors “looking to Bitcoin as a growth strategy.” Przelozny added “he is getting married to the attitude change they have seen across the Australian population as almost two in five people consider bitcoin as a store of value or a means of investment.”

As crypto moves into the mainstream, Australian residents will be “more inclined to trust it,” according to the update. In 2020, only 17.3% of survey respondents said they considered Bitcoin a “scam,” which is down significantly from 21.3% last year. These numbers appear to reflect the “wider acceptance of the technology by the public.” It also signals “changing perceptions,” with 19.1% of Australians stating that they are now “considering Bitcoin as a store of value, up from 16.7% in 2019.”

As confirmed in the update:

“Of those who planned to buy crypto in 2020 but did not, more than a third said their purchasing decisions were directly affected by the economic collapse of the COVID-19 crisis.”

Przelozny claims that without the “sobering” effects of the Coronavirus crisis, and the downturn affecting traders and investors’ desire to enter the market, then “it is easy to imagine how the price of Bitcoin could have ascend even higher than this. year. “He also mentioned that IRCI 2020 reveals that many more Australian residents are” gaining confidence in crypto. “

As noted in the update:

“Beyond the dominant crypto, twice as many men than women knew of other coins like Ethereum (ETH), [XRP], Bitcoin Cash (BCH), EOS and Litecoin (LTC). ”

Millennials or younger investors were almost twice as likely as the general population to be “informed about newer cryptos,” such as Chainlink (LINK), a digital signal that has become more and more popular due to this year’s trend towards decentralized funding ( DeFi).

IRCI’s complete 2020 report can be accessed here.