Crypto comes of age in Australia as the index hits an all-time high of 54
Insights and highlights from the IRCI in 2021
- 28.8% of Australians now own or have owned crypto (up from 18.4% in 2020).
- The proportion of women who own crypto has doubled from 10.1% in 2020 to 20%.
- 89% of Aussie crypto owners have made money or broken even, up from 78% in 2020.
- Bitcoin remains the most popular with 89.1% of Aussies aware of it and 21.1% owning it.
- The most common in influence on adopting crypto is “friends or family”, with 47.5% of Australians saying this was why they initially invested in crypto.
- The 24-34 year old age group was the most trusting of crypto with 27.6% saying they bought in to get rich, while disbelievers are most likely 65+.
- Crypto ownership grew in every state and territory this year. The most likely location for ownership was Western Australia, where 32.9% of the population own crypto
- The biggest issue holding people back from owning crypto is the perception that the price is too volatile, and that crypto seems too inherently risky, with 36.5% of Australians saying this is the reason they have not invested in crypto.
What is the IRCI?
The Independent Reserve Cryptocurrency Index is an annual cross-sectional survey of over 2,000 everyday Australians, conducted by PureProfile. The index is a single rating out of 100 designed to reflect four key aspects of Australian attitudes towards cryptocurrency: awareness, adoption, trust and confidence. 2021 marks the third year of the survey.
With a score out of 100, the 2021 IRCI sits at 54.
A score of 100 would indicate complete awareness, optimism, trust and adoption. A score of 0 would indicate complete ignorance of cryptocurrencies and blockchain technology, and that no one ever heard of Bitcoin.
What does 54 indicate?
The 2021 score is a clear indicator of what we anecdotally already know; that crypto has hit the mainstream.
A score of 54 reflects widespread awareness, optimism, trust and adoption of cryptocurrencies, as Australians of all ages continue to embrace digital currencies at a feverish pace. In particular, a surge in ownership of crypto assets as well as a significant increase in awareness of cryptocurrencies outside of Bitcoin, such as Ethereum has helped push the Index higher.
That’s not to say there’s not more work to do. There is still a way to go with education and regulation, as evidenced by the 28.6% of Australians who don’t currently own crypto telling us they would invest if there were better consumer protections in place. Another 26.6% said they’d buy crypto if industry regulation was improved.
Download the IRCI 2021 report
For more insights and information download the report here.
What cryptocurrenies are most Australians aware of?
91.2% of Australian have heard of at least one cryptocurrency. 89% of Australians are aware of Bitcoin. Ethereum awareness surged to 36.7% in 2021 from 23.5% last year and XRP (Ripple)
How many Australians own crypto?
As of November 2021, 28.8% of Australians over the age of 18 claim to own or have owned crypto. 22.1% of Australians at some point bought Bitcoin.
Why do Australian invest in crypto?
47.5% of Australians invested in crypto because of encouragement from friends, family and colleagues.
Have Australians made money from crypto?
In 2021, 89% of Australians have either made money or are breaking even from crypto. That’s up from 78% in 2020.
What’s preventing Australians from investing crypto?
Perception of being too risky and volatile is still the numbers many Australians haven’t invested in crypto.