Bitcoin Interest Spikes in Australia Following US Spot ETF Approval, Survey Reveals
Summary:
The approval of spot Bitcoin ETFs in the US last month sparked increased retail interest in Bitcoin in Australia, according to a study by Independent Reserve. The study also noted a 25% boost in Bitcoin sentiment in Australia, with increased adoption restrained by economic uncertainties. A notable rise in positive sentiment was seen among people aged 55 and above, with overall crypto ownership also growing from 2022-2024. The study highlighted, however, issues like price volatility, lack of consumer protection and confusion acting as barriers to newcomers, while existing investors are pondering selling off their crypto due to increased cost of living and rising interest rates.
The approval of spot Bitcoin exchange-traded funds (ETFs) last month in the US has spiked the interest of Australian retail investors in Bitcoin (BTC), suggests a new study. The approval of these ETFs boosted Bitcoin's approval rating in Australia by 25%, and adoption rates also saw a slight rise in 2024. However, uncertain economic conditions have acted as a restraint to more widespread adoption, states the recent Independent Reserve Cryptocurrency Index survey, which included 2,100 adult participants. Published on Feb 21, the study revealed the spike in positive sentiment was mainly driven by respondents aged 55 and above, whose favorability towards Bitcoin surged by 100%.
CEO of Independent Reserve, Adrian Przelozny, noted a clear shift in sentiment, stating there was an onset of renewed optimism and growth. The survey found that if an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF were presently available, 19% of respondents would invest in it. This enthusiasm was most notable among respondents aged 25 to 34 and 35 to 44, with interest levels sitting at 29% and 30% respectively.
About one third of the respondents indicated a likelihood of investing in Bitcoin for the long term via a self-managed retirement fund. Yet, there was division regarding preference of Bitcoin access - through a crypto exchange or an ETF. Crypto ownership, overall, rose by 1.9% to 27.5% between 2022 and 2024. The Independent Reserve noted major shifts among those aged 55-64 and 65 and above, recording respective increases of 128% and 200%.
Despite the rise in ownership and stronger sentiment, uncertainties persist. Entrants coming into crypto investment are still encountering obstacles like price volatility, absence of consumer protection, and confusion. Among those who do not invest in crypto, 18% said they would like to, but refrained because of uncertain economic conditions. Similarly, 18% of current crypto investors are contemplating selling off their crypto in response to increased living costs and rising interest rates.
Published At
2/21/2024 4:33:08 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.