A recent survey revealed that the approval of spot Bitcoin ETFs in the US last month has led to a 25% increase in Bitcoin sentiment among Australians, especially those over 55.
The survey, conducted by Independent Reserve and involving 2,100 adults, was part of the fifth annual Independent Reserve Cryptocurrency Index, released on Feb. 21. It showed that while more Australians are interested in Bitcoin, economic uncertainty still hinders wider adoption.
One of the survey’s most striking findings was that Bitcoin sentiment among Australians aged 55 and above doubled after the US spot Bitcoin ETFs were approved. Older investors are becoming more open to the potential of Bitcoin as an alternative asset class.
Independent Reserve CEO Adrian Przelozny commented on the results, saying, “We’ve entered a phase of renewed optimism and growth.” He added that “sentiment has demonstrably shifted.”
The survey also found that 19% of Australians would invest in a spot Bitcoin ETF listed on the Australian Securities Exchange (ASX) if available. This proportion was higher among younger age groups, with 29% of those aged 25 to 34 and 30% of those aged 35 to 44 expressing interest.
Additionally, around a third of Australians said they would likely invest in Bitcoin for the long term through a self-managed retirement fund. However, accessing Bitcoin through a crypto exchange or an ETF divided them.
Australia’s Growing Bitcoin ETF Interest
The overall crypto ownership rate in Australia rose from 25.6% in 2022 to 27.5% in 2024, according to the survey. The most significant increase was among those aged 55-64 and 65 and above, who recorded 128% and 200% growth, respectively.
Despite the growing interest and sentiment towards Bitcoin, the survey highlighted some barriers preventing more Australians from investing in crypto.
The report said that price volatility, a lack of consumer protection, and confusion were some of the main factors that deterred new entrants from the crypto space.
Moreover, 18% of Australians who do not own crypto said they wanted to but decided not to because of the uncertain economic conditions.
Similarly, 18% of crypto owners said they were considering selling their crypto to deal with the rising cost of living and interest rates.
These challenges indicate that there is still room for improvement in the crypto ecosystem, both in terms of education and regulation, to foster more confidence and adoption among Australians.
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