A survey by Swyftx has revealed statistics around crypto ownership in Australia, with predictions suggesting that the market will continue to grow.
The Annual Australian Crypto Survey said that in the next year approximately one million Australian adults will become first-time crypto owners.
Currently 4.2 million Australians own cryptocurrency.
Despite this, the survey says that 43 per cent of people are hesitant to take on crypto because it’s not well regulated or they don’t know how it works plus the overall market volatility.
The crypto market saw a loss of USD $2 trillion in the past year and has sent the digital currency world into a ‘Crypto Winter’ says Swyftx but ownership has grown to 21 per cent nationally over the past year.
Other results of the survey revealed that majority of crypto owners are millennial men with people earning over $150,000 a year more likely to invest in digital assets.
Although men were more likely to own crypto, females on average reported a higher profit with over $11,000 compared to $10,000 in the past year.
It was found that 66 per cent of crypto owners wanted to include their digital asset in their super while 38 per cent already do and it was found 59 per cent of parents already hold crypto in a trust for their children.
Swyftx’ s head of strategic partnerships Tommy Honan spoke to Cointelegraph detailing that the hopes are with better regulation will come even stronger growth.
“On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years,” he said.
“The expectation is that we’ll see crypto move into the regulated space next year and, all other things being equal, you’d expect that to trigger growth in adoption, but it isn’t a given.”