A recent survey reveals that interest in Bitcoin among Australian retail investors has grown since the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in January. The survey, conducted as part of the fifth annual Independent Reserve Cryptocurrency Index and published on February 21, found that Bitcoin sentiment in Australia increased by 25% after the approval, while adoption rates also saw a slight rise in 2024. However, uncertain economic conditions hindered further adoption. The survey, which included 2,100 adults, showed that the increase in positive sentiment was mainly driven by individuals aged 55 and above, with favorability towards Bitcoin doubling among this age group.
Adrian Przelozny, CEO of Independent Reserve, commented on the findings, stating that sentiment has noticeably shifted and that the country has entered a phase of renewed optimism and growth. The survey also revealed that 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available. The age groups most enthusiastic about investing in such an ETF were respondents aged 25 to 34 and 35 to 44, with 29% and 30% expressing interest, respectively.
Furthermore, approximately one-third of respondents said they were likely to invest in Bitcoin for the long term through a self-managed retirement fund. However, these respondents were divided on whether they preferred accessing Bitcoin through a cryptocurrency exchange or an ETF. Overall, crypto ownership in Australia increased by 1.9% to reach 27.5% between 2022 and 2024. The largest increase in ownership came from individuals aged 55 to 64 and 65 and above, with growth rates of 128% and 200%, respectively.
Despite the positive trends in ownership and sentiment, challenges remain. The survey highlighted price volatility, a lack of consumer protection, and confusion as barriers preventing new investors from entering the crypto market. Additionally, 18% of respondents who do not currently invest in crypto expressed interest in doing so but cited uncertain economic conditions as their reason for not taking the plunge. Similarly, 18% of current crypto investors stated that they were considering selling their holdings due to the rising cost of living and increasing interest rates.
In light of these findings, a spokesperson from Independent Reserve suggested that stronger regulation, the introduction of an ASX-listed spot Bitcoin ETF, and greater adoption by businesses could contribute to further positive sentiment.