- Up to 6 million Australians could enter the crypto market with regulatory clarity, according to Swyftx CEO Jason Titman.
- Gen Z crypto ownership has risen by 11%, while overall Australian crypto ownership dropped from 23% to 20%.
- 20% of Australians plan to buy crypto in the next six months, led by 32% of Gen Z investors.
Australian crypto investors are showing cautious optimism as they await clearer regulatory guidelines, according to Jason Titman, CEO of Swyftx, a local crypto exchange. Titman anticipates that up to 6 million Australians could enter the crypto market once regulatory clarity is achieved. This prediction is part of Swyftx’s latest survey, highlighting a significant shift in crypto ownership trends.
The 2024 survey reveals a marked increase in digital currency adoption among Gen Z Australians, who have reported an 11% rise in ownership over the past year. This demographic increasingly integrates digital assets into their retirement plans, diverging notably from older generations.
Overall Crypto Ownership Declines in Australia
In contrast, overall digital assets ownership in Australia has decreased from 23% to 20%, reflecting a global trend of stagnant or declining adoption rates despite Bitcoin reaching new highs in March 2024 and the approval of crypto ETFs in the U.S.
The drop in Australian crypto ownership is attributed to a lack of market understanding and ongoing concerns about regulation. Even as the number of traders reporting profits reached record highs, with an average profit of $9,627, the overall number of digital currency holders has declined.
The survey noted that 87% of those with a strong grasp of the market reported profits, underscoring the correlation between financial knowledge and investment success.
Future digital assets adoption in Australia appears promising, with 20% of Australians intending to purchase digital assets within the next six months. Gen Z leads this trend, with 32% expressing strong intentions to invest.
This is a notable increase from previous years, while interest from older generations, such as Gen X and Baby Boomers, is waning. The generational divide is stark, with only 6% of Australians over 50 currently owning digital assets compared to 31% of those aged between 18 and 49.
Despite the current challenges, including a fragmented market and uncertain regulatory environment, there is optimism about the sector’s future. Titman suggests that the adoption rate may surge once regulatory issues are resolved, potentially leading to a robust Australian digital currency market worth over $130 billion annually.
As Swyftx looks ahead, the focus remains on navigating regulatory uncertainties while capitalizing on the strong conviction of existing digital currency users. With potential regulatory shifts and increasing financial literacy, the stage is set for a renewed wave of digital assets adoption in Australia.
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