Crypto Spending In Australia Surged By 10%, Concludes Swyftx’s Survey
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Aussie Top crypto exchange Swyftx, with over 600,000 users across Australia and New Zealand, conducted its annual survey for September 2022. Interestingly, the results reveal that Australian women make more crypto income than Australian men.
Despite the market’s high volatility and downtrends, 72% of crypto users have reported returns on their investments. In addition, the average earnings of Australian women this year is $7,256 compared to the average earnings of $7,034 for Australian men.
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Additionally, research conducted by YouGov and commissioned by Swyftx reveals that Australia’s interest in crypto continues to grow despite the catastrophic effects of the sudden crypto winter.
Crypto holdings increased by 4% from 17% to 21% in 2022. Additionally, the study shows that 29% of crypto holders are still bullish on long-term investments that invest or have invested in crypto. The downside is that the number of people who believe in crypto as the money of the future has dropped by 5% since the previous year.
Mainstream crypto use increased
According to the study, the use of cryptocurrency in everyday life has increased by 10 percent in Australia. The report reads;
Australians use cryptocurrencies as a medium of exchange for goods and services. Crypto spend has grown by 10 percentage points over the past 12 months, with 53% of Australians who own crypto saying they have used their crypto to make purchases.
Amazon is one of the most widely used online marketplaces, attracting 27% of crypto users in Australia, with 21% fueling up at pumps and 23% at restaurants.
Tommy Hanan, Head of Strategic Partnerships at Swyftx, stated in a statement when talking about the increased crypto spending;
It is interesting to see such a significant increase in the number of Australians using crypto to shop online, as it speaks to where the future of digital assets almost certainly lies. In the next five to ten years, we expect to see a lot less cryptocurrencies and a lot less market volatility. Digital assets and traditional finance will likely become inseparable.
Regulations remain a major concern preventing Aussies from entering the crypto space
According to Swyftx, 61% of Australian individuals have not purchased crypto so far, up 3% from 58% the previous year. Additionally, 43% of people who do not own crypto pointed to a lack of regulatory effectiveness that prevented them from investing in digital assets.
On the other hand, 26% of Australian adults said they are likely to buy crypto assets within a year, while 41% plan to buy stocks and shares within 12 months.
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Next year, the percentage entering the crypto space is expected to be around one million new users. A large part of them represent the millennial generation, those born after 1996. However, in order to accelerate growth beyond this year’s steady figure, the government must improve consumer protection, Swyftx’s report urges.
Featured image from Pixabay and chart from TradingView.com