Bitcoin Sentiment in Australia Jumps Higher
21 Feb, 2024 ● Coin news
A recent survey indicates that Australian retail interest in Bitcoin has risen following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in January.
According to the fifth annual Independent Reserve Cryptocurrency Index, sentiment toward Bitcoin in Australia increased by 25% after the approval, with adoption rates experiencing a slight uptick in 2024.
However, uncertain economic conditions have hindered further adoption, as revealed by the survey of 2,100 adults, published on February 21.
The surge in positive sentiment was particularly pronounced among those aged 55 and above, where favorability toward Bitcoin doubled.
Independent Reserve CEO Adrian Przelozny remarked on the findings, stating, “Sentiment has demonstrably shifted,” and noting that “we’ve entered a phase of renewed optimism and growth.”
The survey disclosed that 19% of respondents would consider investing in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available.
Enthusiasm was highest among respondents aged 25 to 34 and 35 to 44, at 29% and 30%, respectively.
Approximately a third of respondents expressed interest in long-term Bitcoin investment through a self-managed retirement fund.
However, opinions were divided on whether to access Bitcoin via a crypto exchange or ETF.
Overall crypto ownership increased by 1.9% to 27.5% between 2022 and 2024, with significant shifts observed among those aged 55 to 64 and 65 and above, recording increases of 128% and 200%, respectively.
An Independent Reserve spokesperson suggested that stronger regulation, the introduction of an ASX-listed spot Bitcoin ETF, and increased adoption by businesses could further bolster positive sentiment.
Despite the rise in ownership and sentiment, challenges remain.
Price volatility, lack of consumer protection, and confusion continue to deter new entrants from investing in crypto.
Additionally, 18% of respondents who do not invest in crypto cited uncertain economic conditions as a reason for abstaining.
Similarly, 18% of crypto investors indicated they are considering selling their holdings to cope with the rising cost of living and increasing interest rates.
Sources:
https://cointelegraph.com/news/australia-bitcoin-sentiment-jumps-after-bitcoin-etf-approvals
