The cryptocurrency news is packed with information about the increasing interest in the crypto market. However, not all countries are equally ready to welcome blockchain technology and develop in this direction at the same pace. The 2020 independent survey that shows what the Australians think about cryptocurrency reflects how much this vertical is popular at a nationwide level.
The IRCI 2020 survey conducted by PureProfile reveals information about four of the most important aspects: adoption, awareness, trust, and confidence.
The survey highlights
According to the survey, the cryptocurrency index has increased to 47 percent this year, in comparison to 2019’s 42%. This rise is a result mostly of Bitcoin adoption, people’s awareness of the industry, and favorable conditions for its development. The Australian crypto market cap has experienced a significant increase from AUD257 billion in January to more than AUD810 billion.
Awareness and adoption were among the major aspects for consideration. Awareness fuels the market as it brings new participants there. The study shows a positive tendency because the number of Australian citizens who have ever heard about at least one crypto cash has increased to 91.4 percent. It isn’t a surprise that Bitcoin is the most popular cryptocurrency (88.8% of respondents know about it), and Ethereum is the second on this list with 23.5 percent.
Adoption is another interesting topic that reflects the Australians’ attitude towards crypto assets. As the poll shows, 18.4 percent of the country’s citizens are cryptocurrency owners. What is more important, this index also reflects market capitalization – Bitcoin is leading it with Ripple running a close second.
Of course, the majority of BTC holders are young people. Respondents aged between 25 and 34 spent more than five hundred dollars per month on investing in crypto assets. However, the survey proves that investing in cryptocurrency is increasing in popularity among all age groups. Almost fifty-five percent of respondents confirmed that they had profited from this, compared to 2019 with its 35%. In general, 42.7% of Australian citizens made money using crypto cash, and only 21.8% experienced financial losses.
The IRCI 2020 survey has also studied the topic of trust and confidence because it is connected with the adoption directly. As it has been revealed, 11.3% of Australians aged under 45 don’t think that Bitcoin is a scam, while older country’s citizens (22.6%) seem to have much confidence in cryptocurrency. Younger Australians have confirmed that they see the future in blockchain technology and are ready to invest in crypto assets if they are more educated about their advantages and risks.
As for price prediction for ten years ahead, respondents have answered that they don’t have clear expectations about BTC in 2030.
Read more: 2020 Bitcoin price: ups and downs
Read more: The future of Ethereum