When it comes to the most-known cryptocurrency in Australia, Bitcoin comes out on the top. Or at least the recent survey by the Independent Reserve Cryptocurrency Index (IRCI) examining the recognition of cryptocurrencies says so.
Not only did the survey record Bitcoin awareness, but along with that it also put light on Bitcoin’s ownership, growth in the acceptance of the cryptocurrency relative to the demographic and the sentiment around Bitcoin in the nation.
Here’s everything you need to know about the survey:
IRCI Survey Reports Increased Bitcoin Awareness
IRCI conducted a survey involving 2000 Australians, out of which 92% reported that they have heard of “at least one crypto”. Among all the cryptocurrencies that Australians were familiar with, Bitcoin accounted for a whopping 90.80%, meaning, almost everyone who has heard of cryptocurrencies has heard about Bitcoin.
The next most famous cryptocurrency in the nation was Ethereum, which had a recognition of less than half that of Bitcoin, standing at 42.90%. Dogecoin, XRP, Cardano, Solana and Tether stood behind Ethereum in brand recognition, in that order.
Bitcoin’s recognition in Australia primarily finds its roots in the fact that Bitcoin was the first cryptocurrency to ever exist. And not only was it a brilliant innovation, but it also chased heights and helped set up an entire (crypto) ecosystem. This was possible mainly because of the strong community around Bitcoin that made sure the cryptocurrency could sustain market cycles.
Despite the drop in the price of Bitcoin this year, Australians are quite optimistic about Bitcoin in the long run. According to the report, Australia is “Committed to crypto in the longer term, with overall adoption and long-term confidence in the sector’s future remaining high.”
Many believe that the price of Bitcoin will be above $30,000 by 2030, ie. double the price today.
Does Increased Recognition Imply Increased Ownership?
While it’s true that Bitcoin has gained increased recognition this year from Australians, it doesn’t reflect the same sentiment when we consider Bitcoin’s ownership in the country.
According to the survey, 16.8% of people owned Bitcoin in 2019, which increased to 18.4% in 2020 and to 28.8% in the year 2021. However, this year, the figure took a drop and currently 25.6% of the people in Australia own Bitcoin.
Quite notably, crypto ownership among people aged 18-24 fell by almost half from 2021 to 2022. While there has been an incremental increase in the number of the crypto owner of age 65 and above, over the last four years. The same pattern has been consistent across crypto owners between the age of 35 and 44.
To sum up, there has been an increase in the number of Bitcoin owners among all age demographics except 18-24 and the possible explanation for this could be that young investors are sentiment traders and don’t participate in the bear market as much as the other age groups do.
The bear market is an opportunity for long-term holders, who invest in the cryptocurrency when the prices are lower, while short-term investors wait for the next bull run before getting into the market once again. This explanation is supported by a piece of information from the survey that states Bitcoin could likely cross $100,000 by the end of 2030. This just means there’s a certain demographic of investors that will forever be invested in the cryptocurrency, even though there are a few inconsistencies regarding the token’s popularity in the short term.
As for what investors plan to do with their Bitcoin holdings, here’s a graph explaining investors’ plans for the next 12 months.
While Bitcoin is accepted as a method of payment, store of value and investment asset by the Australian population, the acceptance on the business side too looks quite optimistic as almost every demographic considers it more likely for Bitcoin to be accepted by businesses than otherwise.
Investors can refer to the complete survey to further their research.
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