Category: Surveys

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Australia Bitcoin Independent Reserve Investing Surveys

Bitcoin Dominates Brand Awareness as Voted by Aussies

Bitcoin (BTC) is far and away the most well known cryptocurrency, with over 90 percent of Australians having heard of the OG crypto, according to a 2022 survey by Australian cryptocurrency exchange Independent Reserve.

The Independent Reserve Cryptocurrency Index (IRCI) is an annual cross-sectional survey of the attitudes of 2,000 Australians towards cryptocurrency and is designed to reflect the age, gender and demographics of the broader Australian population.

Aussies Consider Bitcoin an Investment

This year’s IRCI found that more Aussies than ever before consider Bitcoin an investment asset, at just under 30 percent. This rise coincides with a downward trend since 2019 in the number of people who consider Bitcoin a form of money, a scam, or had simply not thought about it enough to answer.

The survey also found that plenty of Aussies knew about crypto other than Bitcoin, with 42.9 percent having heard of Ethereum, 35.8 percent aware of Dogecoin, and 15.1 percent familiar with XRP.

Bitcoin and Ethereum are the most well-known cryptocurrencies in Australia. Image source: Independent Reserve

Short-Term Sentiment Falls

While awareness of crypto is high, sentiment has fallen compared to last year’s survey, with Independent Reserve’s overall index dropping from 54 to 45. According to Independent Reserve, a score of 100 would “indicate complete awareness, optimism, trust and adoption” while 0 would indicate the opposite.

Independent Reserve said a more negative sentiment in 2022 reflected lower crypto ownership rates and a fall in short term confidence in crypto. Despite this drop in sentiment since 2021, overall ownership rates remain up in 2020. 

The steepest drop in crypto ownership occurred in the 18-24 age group where it dropped from 56 percent in 2021 to just 33.3 percent this year. In other age groups, ownership rates actually held steady or grew.

Long Confidence Remains Strong

Despite the drop in short-term sentiment, the survey found Aussie’s longer term confidence in crypto remains strong:

  • Only eight percent of respondents said they plan to get out of crypto entirely;
  • 44 percent said they plan to increase or diversify their crypto holdings;
  • 45 percent said they would hold.

When asked what they thought Bitcoin’s price would be in 2030, the most popular response from both crypto owners and non-owners was between $30,000 and $100,000, indicating many believe Bitcoin’s value will grow considerably from where it sits today.

The prospect of crypto eventually being widely accepted by people and businesses was highly correlated with age, with all age groups under 44 strongly believing it was likely. People aged between 45 and 54 years old were fairly evenly split between likely and unlikely, while those over 54 considered it unlikely.

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Australia Crypto News Surveys

UN Urges Developing Countries to Curb Crypto Expansion

The United Nations trade body has urged authorities in developing countries to help ensure the prevention of widespread crypto use. The motivation? Vast crypto usage could jeopardise a nation’s monetary sovereignty:

‘Curb your Crypto’

The UN Conference on Trade and Development (UNCTAD) has asked that the governments of developing countries work to prevent widespread crypto adoption. This follows the explosion of crypto use during the Covid-19 pandemic, which also increased the social risks and costs of digital assets in developing nations:

Three related policy briefs were released between June and August detailing the high costs of unregulated crypto, the public payment systems responding to financial stability and security risks, and how crypto can undermine domestic resource mobilisation in developing countries.

While UNCTAD acknowledges that crypto can facilitate remittances, it highlights its role in enabling tax evasion via illicit flows. As a result, UNCTAD has published a set of policy actions and urged authorities to help “curb the expansion of cryptocurrencies in developing countries”.

Global Variations in Crypto Adoption

The adoption rate of crypto across the globe has been varied, to say the least. Some countries have embraced it wholeheartedly while others have slipped behind. Australia is in the latter category. Only 3.4 percent of Australians own crypto, according to new data from UNCTAD, placing the country last in a list of 20. Ukraine and Russia topped the chart with 12.7 percent and 11.9 percent respectively.

However, in 2021 global crypto adoption increased by 880 percent over the previous year. This data derived from a Chainalysis report that named Vietnam as the leader of the crypto adoption ‘race’. It also noted that the keenest adopters tended to be those in developing nations, suggesting higher crypto comprehension in such regions.

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Australia Crypto News Surveys

Australia Ranks 4th in ‘Most Crypto Obsessed’: Study

Australia is the fourth most crypto-obsessed country in the English-speaking world, according to a new study conducted by cryptocurrency price tracker CoinGecko.

The research underpinning the study examined Google Trends data of search terms frequently used by people interested in cryptocurrency. These terms were then tallied to give each English-speaking nation a “total search score” to ascertain which of them had been the most interested in cryptocurrency since the recent market decline, which began in April 2022.

Top 5 English-speaking countries ranked for their interest in crypto. Source: CoinGecko

Nigeria, Kenya Lead African Charge

With a total search score of 371, Nigeria topped the list for its population registering the highest search levels for the phrases “cryptocurrency”, “invest in crypto” and “buy crypto” worldwide. Additionally, the third-highest number of searches for “Solana” were also made from within Nigeria. This was not surprising considering the West African nation’s central bank ordered financial institutions to ban crypto firms from the banking sector in February last year.

Kenya was the highest-ranking English-speaking country in Africa after Nigeria, with a score of 143 placing it at number 15 overall.

UAE, Singapore Top UK, US Well Down the List

Crypto hotspot the United Arab Emirates (UAE) ranked second in the study with a total search score of 270 – more than 100 points behind Nigeria. The UAE edged out Singapore for its searches of “cryptocurrency” and “invest in crypto”.

Singapore had the third-highest level of searches for the term “buy crypto” and its citizens searched for “Ethereum” more than anyone else, with the South-East Asian city state recording a total search score of 261. Australia (218) crept into fourth spot with a strong showing in the search terms “invest in crypto” and “buy crypto”.

Next in the rankings was the UK (198), with the US surprisingly well down the list in 12th place overall (total score 157), ranking 10th in search levels for the term “buy crypto” and sixth in its interest in “Solana”. As for the UK, Bitcoin, Ethereum and Polygon were the highest trending crypto terms.

Bobby Ong, chief operating officer and co-founder of CoinGecko, noted a major correction from previous bull cycle highs, resulting in what he termed significant price drawdowns in an unforgiving macroeconomic environment.

This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks. The countries at the top of this list appear to be keenest to buy the dip and highlight their long-term outlook for cryptocurrencies.

Bobby Ong, chief operating officer and co-founder, CoinGecko

 

Topsy-Turvy Results on Surveys Front

To compare and contrast, it’s interesting to note Australia’s performance in two other recent crypto surveys, results of which were published last month:

  

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Banking Crypto Exchange Crypto News Surveys

One Billion Crypto Users Predicted by 2030: Global Research Report

A joint report published by Boston Consulting Group, Bitget and Foresight Ventures predicts global crypto adoption could surge to 1 billion by 2030, with the US leading the adoption wave:

‘Plenty of Growth to Come’

Only 0.3 percent of US individual wealth is held in crypto, which is significantly lower compared to 25 percent held in equities. This suggests there’s still room to drive substantial crypto adoption and cryptocurrency exchanges will play a key role in that growth, according to the report:

Crypto exchanges play a key role in the Web3 ecosystem by providing access, liquidity, and infrastructure. With competition intensifying, crypto exchanges must adapt to the dynamic market situation and transform their strategy to beat the competition.

Crypto adoption report

One of the main drivers of crypto adoption was institutional companies hoarding massive amounts of crypto assets and offering crypto-related products between mid-2020 and early 2021. Since then, investment banks such as Morgan Stanley and JPMorgan have offered clients some form of crypto product/service, such as exposure to BTC funds and blockchain-based assets.

LatAm and APAC Offer High Market Potential

The report also outlines that Latin America and APAC are the two most attractive regions for crypto exchanges to expand on, given their high market potential and regulatory laws.

Australia ranked fifth in a recently published list of countries with the most crypto-friendly economies, while Germany and the US topped the table. Australia made the top five due to its proliferation of ICOs, exchanges and transaction volumes, and universities offering crypto and blockchain education courses.

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Australia Crypto News Regulation Surveys

Australia 5th in Global Crypto Rankings: Report

Australia ranks fifth among the world’s top crypto-friendly economies, according to the latest quarterly global cryptocurrency rankings released by analytics firm Coincub.

Coincub awards points across nine overall categories: government, financial services, population, taxation, talent development and industry participation, trading, fraud and environmental potential. New sub-categories such as crypto education courses and initial coin offerings have been added to create a more comprehensive gauge.

Germany, US Top the Table, Followed by Switzerland and Singapore

Jointly topping the table are Germany and the US, whose dominance stems from both countries’ progressive regulatory environments and major bitcoin investments by mainstream institutions.

Allowing its savings industry to utilise crypto investments and maintaining a zero-tax policy on capital gains on BTC and ETH held for more than a year were key reasons for Germany’s ascent to the top of the rankings earlier this year.

The US moved up from third spot in Q1 to share the top rank with Germany in the wake of President Joe Biden’s March executive order on digital assets, which increased consumer protection and financial stability while also cracking down on illicit activity.

Switzerland came in third on Coincub’s global crypto rankings, largely due to the City of Lugarno recognising bitcoin as legal tender. More than 1000 blockchain and virtual asset service providers are based in Switzerland, and the country also ranks highly for its preponderance of Bitcoin nodes and ATMs.

In fourth place is Singapore, down from top spot at the end of 2021 because of recent regulatory tightening in the island republic.

Why Australia Made the Top Five

Australia’s proliferation of initial coin offerings, exchanges and transaction volumes, as well as several of its universities offering blockchain and crypto educational courses, helped see it into fifth place.

That position tallies with Australia’s status as the fourth-best market for crypto job opportunities, according to a May report. Australians also ranked eighth in the world for interest in NFTs, according to analysis published this month by online lender CashNetUSA.

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Australia Axie Infinity Crypto News NFTs Surveys

Australia Ranks 8th in ‘Most Interested in NFTs’, Report

Whether they love ’em or hate ’em, it’s clear Australians are highly curious about non-fungible tokens after ranking eighth globally for NFT interest according to an analysis conducted by online lender CashNetUSA.

Based on Google search volume and Twitter sentiment collected in March 2022, the analysis identified that Singaporeans were most likely to search for information about NFTs. The US, Canada, Hong Kong, Australia and New Zealand also made the top 10 on monthly search volume figures:

Top 10 countries by interest in NFTs. Source: CashNetUSA

A similar exploration of NFT search queries in 50 countries by the NFT Club website in May placed Australia second in terms of interest in NFTs, with Taiwan taking out the top spot.

Australians Positive Towards NFTs, Favouring Axie Infinity

In terms of positive and negative sentiment towards NFTs, CashNetUSA found Eastern European countries were the most passionate on both counts. People in Montenegro were most likely to post pro-NFT tweets, while Twitter users in Poland were most likely to be anti-NFTs. 

A higher number of Australians expressed positive views of NFTs, according to the analysis: for every 1,000 tweets, 539 were found to show “love” for NFTs compared to just 79 expressing “hate”.

Among Australian NFT enthusiasts, the most popular NFT collectible community is Axie Infinity. The Vietnam-origin gaming platform dominates globally when it comes to most-Googled collectibles, ranking first in 112 countries. Decentraland, Sorare, and Bored Ape Yacht Club also featured on the list of popular NFT communities. 

Of course, Australian investors are more likely to feel the love for NFTs when they make gains, like the Aussie owner of a Bored Ape who was being offered up to US$5 million for the NFT he purchased for just US$300.

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Australia Crypto News ETFs Investing Surveys

Millennials Prefer Crypto Over Investment Funds: Survey

A new survey conducted among young adults aged 25 to 40 in the US by French investment firm Alto reveals that more millennials are investing in crypto than in mutual funds.

According to Alto’s report, titled “How Millennials See Their Financial Future”, nearly 40 percent of the survey’s millennial respondents have invested in cryptocurrencies.

Coincidentally, the same percentage of Australian millennials indicated their preference for digital assets over real estate in a similar survey conducted by international crypto exchange Kraken almost exactly a year ago.

Another survey conducted by Australian online investment broker Pearler in May 2021 indicated that “a significant number” of Aussie millennials intended to retire at the age of 50 using their investments in exchange-traded funds (ETFs) and cryptocurrencies.

Current Market Conditions Dissuade Potential Investors

The 40 percent figure mentioned in the latest Alto survey also mirrors the proportion of American millennials who own stocks. The report notes that most millennials either already own crypto or are considering buying some, though Alto founder and CEO Eric Satz concedes that current conditions make it hard for them to consider investing:

In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.

Eric Satz, founder and CEO, Alto Investing

Seven in 10 Millennials Intend to Add Crypto to Their Retirement Funds

Participants in the Alto survey who currently hold digital assets mentioned they were likely to add more crypto to their retirement portfolios. This cohort amounted to 70 percent of millennials surveyed.

Other key findings of the Alto survey included:

  • 74 percent of millennials thought that pouring money into the stock market should be considered gambling, whereas 70 percent were of the opinion that such actions were way too dangerous; and
  • 76 percent believed they could essentially be left without any savings if the bears continued to reign supreme on the crypto market.
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Australia Crypto News Cryptocurrencies Investing Surveys

Over 1 Million Australians Own Cryptos According to Recent Roy Morgan Survey

According to a study conducted by Australian research firm Roy Morgan, over one million Australians now own cryptocurrencies such as Bitcoin, Ethereum, Ripple, Cardo, Dogecoin and Shiba Inu.

The February survey investigated Australians’ investments and revealed that 5 percent, or just over one million Australians over the age of 18, now own at least one cryptocurrency. Over two-thirds, or 742,000 (69 percent), of Australian crypto investors are men, compared to only 332,000 (31 percent) who are women, indicating a massive gender difference when it comes to crypto investments.

Most Crypto Investors Are Younger Than 35

The study revealed that people under 35 were more likely to be holders of cryptocurrencies, with over one-in-10 people in this cohort. Participants over 35 were less likely to be invested in digital assets, but still made up 40 percent of the total investor market, including 296,000 aged 35-49 (28 percent of all investors) and 138,000 aged 50 and older (13 percent).

Cryptocurrency investors by age and gender. Source: Roy Morgan

Older Cohort Has Biggest Average Crypto Investments

Although they might be less likely to invest in cryptocurrencies, Australians aged 35 and older are a significant part of the crypto market in the country, given the average size of their investments.

The study revealed that participants aged 50 and older had the largest average crypto investments, averaging around A$56,000. The volume of investments in this cohort means the value of all crypto holdings of people aged 50 and up is around A$7.6 billion, higher than any other age group and accounting for 35 percent of the total market.

Although more inclined to invest in cryptocurrencies, Australians aged 18-24 only hold an average of A$2,600, making the total value of investments for this group just A$630 million, or about three percent of the total market valuation.

The market shares for Australians aged 25-34 and 35-49 were similar, with the former cohort averaging about A$18,200, while those in the latter group came in at A$21,600. Those aged 25-34 were more likely to invest in the market and thereby made up A$7 billion, or 32 percent, while those aged 35-49 owned A$6.4 billion, or 30 percent.

Gender Differences Are Significant

The analysis by gender revealed that men’s average investments totalled A$23,400, almost double those of women (A$12,800). This gender disparity shows that men hold 81 percent (A$17.4 billion) of the market, while women own just 19 percent (A$4.2 billion).

Total value of cryptocurrency investments by age and gender. Source: Roy Morgan

The results of this study are significant and indicate positive sentiment toward crypto adoption, given that Australia lagged in the most recent global ‘Crypto Awareness’ survey, although another 2021 survey revealed that most Australians still have no idea about cryptos or NFTs.

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Crypto News ETFs Investing Regulation Surveys

Nasdaq Reveals 72% of Financial Advisers Will Use Crypto After Spot ETF Approval

A survey of financial advisers commissioned by Nasdaq has found that 72 percent would be more likely to invest client assets in crypto if a spot ETF product were available in the US.

The survey was conducted throughout March 2022 and involved 500 US-based financial advisers who are currently, or are considering, allocating assets to crypto.

What Is a Crypto Spot ETF?

A crypto spot ETF is an exchange-traded fund (ETF) that allows an investor to gain exposure to crypto without actually having to own any digital assets. Unlike a futures ETF, a spot ETF is backed by the actual commodity, in this case digital assets, rather than by the value of the futures contracts tied to the commodity, which may diverge significantly from the actual asset price.

The advantages of investing in a crypto ETF over owning crypto directly are primarily:

  • exposure to crypto through a regulated product offering higher levels of consumer protection;
  • easier access for non-technical investors; and
  • no need to store crypto or deal with private keys, etc.

Crypto-based spot ETFs have so far not been approved by US authorities due to regulatory concerns, mostly around consumer protections and the risk of market manipulation.

Advisers Excited, But Most Expect To Wait

Although most of the financial advisers surveyed were excited about the prospect of a crypto-based spot ETF product, most aren’t holding their breath with only 38 percent considering it likely such a product will launch in 2022.

However, the lack of spot ETF products doesn’t mean financial advisers aren’t finding other ways to help their clients invest in crypto. According to Jake Rapaport, head of Digital Asset Index Research at Nasdaq, advisers are making do right now, but he expects investment products such as spot ETFs to become necessary soon to keep up with client demand:

The vast majority of advisers we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto. As demand continues to surge, advisers will be looking for an institutional solution to the crypto question that now dominates client conversations.

Jake Rapaport, head of Digital Asset Index Research, Nasdaq

Of the advisers surveyed, 50 percent reported they’re already using Bitcoin futures ETFs and 86 percent expected to increase their crypto allocations in the next 12 months.

This survey is just the latest to show that institutional investors are clamouring for crypto-based ETFs. Another survey released last September found 84 percent of institutional investors throughout Europe, US and Asia wanted to see more crypto ETFs, and a survey released earlier this month found almost nine out of 10 Australian financial advisers reported being asked about investing in crypto by clients.

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Crypto News Investing Surveys

Australian Financial Advisers Face Client Pressure to Include Crypto in Portfolios

Almost nine in 10 Australian financial advisers have been asked by clients about investing in cryptocurrencies but only a third are willing to allow them to do so, according to a new survey.

ETF fund manager BetaShares surveyed 252 financial advisers last month and found that 89.2 percent of respondents had been directly approached by clients about digital assets in the previous 12 months. Yet 70 percent of advisers said they would be “fairly or extremely unlikely” to recommend investing in cryptocurrencies within the next year.

This compares with another survey commissioned in March 2021 in which 26 percent of financial advisers said they would recommend clients invest in cryptocurrencies over the following year.

‘Caution Tempers Awareness’: BetaShares CEO

BetaShares’ chief executive Alex Vynokur said the latest survey showed a “strong awareness” of digital assets seemingly at odds with an “underlying sense of caution” on the part of financial advisers.

BetaShares CEO Alex Vynokur. Source: the australian.com.au

More than 60 percent of advisers surveyed believed clients were investing in crypto regardless of their advice. The Betashares survey follows findings published by crypto exchange Gemini earlier this week revealing that 43 percent of Australians first invested in digital assets in 2021 – clearly a big year for crypto adoption.

It appears not all financial advisers received the memo.