The Consumer Cryptocurrency Report 2024 surveyed more than 3,000 Australians, providing an in-depth view of the nation’s attitudes towards traditional finance and cryptocurrency.

The survey sample is nationally representative by age, gender, location, and income, making it one of the most comprehensive studies on this topic in Australia.

The report indicates that younger generations, particularly millennials and Gen Z, are at the forefront of crypto adoption, driven by their familiarity with digital technology.

High-net-worth individuals and professionals in technology and finance sectors also show significant interest. The average crypto portfolio among these investors is valued at AUD $21,426, suggesting that those involved in crypto trading are typically sophisticated investors.

Despite the rising interest, Australia trails behind other countries in actual crypto ownership, with only 9% of Australians having held crypto in the past year, compared to a global average of 11%.

A lack of understanding and confidence are major barriers, with many Australians finding crypto too complex or being deterred by the current economic climate and living costs. This is reflected in the 35% of crypto owners and 34% of non-owners who feel they lack sufficient funds to invest.

AvaTrade Australia emphasises the importance of education in the rapidly evolving world of cryptocurrency trading, offering a range of comprehensive resources such as tutorials, and expert analyses to ensure that traders are well-equipped

“We urge all individuals interested in the market to learn how to trade crypto in Australia safely by understanding the inherent risks and adopting best practices, it’s crucial for any successful trading endeavor,” said a company spokesperson.

30% of current crypto owners and 31% of potential investors are concerned about market volatility.

John O’Loghlen, Regional Managing Director APAC at Coinbase, stressed the importance of regulatory certainty and trust to promote informed investment decisions.

“Australia is a crypto-curious country with the majority believing that crypto plays a significant role in the economy. However, many Australians feel they don’t understand crypto well enough to invest or lack the confidence due to the current economic environment,”

The data indicates that Australians need regulatory certainty, trust, and security to make informed decisions and take their first steps towards owning crypto,” he said.

The report also reveals that wealth creation and portfolio diversification are key motivations for crypto ownership. More than half of crypto investors trade at least monthly, with 13% trading weekly or more frequently.

Many crypto owners also hold traditional investments, such as shares, indicating a diversified asset management strategy. About 76% of those owning crypto also have investments in shares, and 32% of share owners have ventured into cryptocurrency.

Looking ahead, there is a shared optimism about the future of cryptocurrency among Australians. Over a third (38%) of both crypto owners and non-owners have a positive outlook for cryptocurrency over the next year.

Additionally, 48% of respondents believe that cryptocurrency has a positive societal impact, while 56% view it as the future of finance.

Security and regulatory clarity are top concerns for Australians. Half of the respondents prioritise security and exchange reputation when dealing with cryptocurrencies.

About 43% support government regulation, though 39% feel the government is slow to implement necessary regulations in this fast-evolving sector. Globally, regulatory frameworks from the EU, UK, Singapore, UAE, and Bermuda could serve as models for Australia.

Graham Cooke, Head of Consumer Research at Finder, emphasised the significance of these findings. “Whether you’re a detractor or a HODLer, the research shows that the crypto space in Australia is filled with highly engaged participants.

“For many involved, crypto has evolved from a speculative investment to an important tool for wealth creation and diversification,” he said.

Market Volatility

The cryptocurrency market is currently experiencing significant volatility, with major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin exhibiting frequent fluctuations in value.

Alongside these established digital currencies, there has been a notable increase in the number of altcoins—alternative cryptocurrencies with unique features and use cases.

Meanwhile, revenue in the cryptocurrency market is projected to reach US$1,121.0 million in 2024. With an expected annual growth rate (CAGR 2024-2028) of 10.15%, the market is anticipated to achieve a total revenue of $1,650.0 million by 2028.