Australian retail interest in Bitcoin has seen a significant uptick following the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. This surge in interest comes as a result of a recent survey conducted among 2,100 adults as part of the fifth annual Independent Reserve Cryptocurrency Index, published on Feb. 21.
According to the survey findings, Bitcoin sentiment in Australia witnessed a notable boost of 25% following the approval of ETFs in the US. Additionally, adoption rates of Bitcoin experienced a marginal increase in 2024. However, the further adoption of Bitcoin was hindered by prevailing uncertain economic conditions.
The surge in positive sentiment towards Bitcoin was particularly pronounced among individuals aged 55 and above, where favorability towards the cryptocurrency increased by a staggering 100%.
Commenting on the survey results, Adrian Przelozny, CEO of Independent Reserve, remarked, “Sentiment has demonstrably shifted. We’ve entered a phase of renewed optimism and growth.”
Among the survey participants, 19% expressed their willingness to invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available at present. Enthusiasm for investing in Bitcoin was particularly high among respondents aged 25 to 34 and 35 to 44, with 29% and 30% respectively showing interest.
Furthermore, approximately one-third of the respondents indicated their likelihood to invest in Bitcoin over the long term through a self-managed retirement fund. However, there was a split among these respondents regarding their preferred method of accessing Bitcoin, with some opting for crypto exchanges while others favored ETFs.
The survey also revealed that overall crypto ownership increased by 1.9% to 27.5% between 2022 and 2024. Notably, the most significant shifts in crypto ownership were observed among individuals aged 55-64 and 65 and above, recording respective increases of 128% and 200%.
The approval of spot Bitcoin ETFs in the US has evidently catalyzed a surge in Bitcoin interest among Australian retail investors. As sentiment continues to evolve and economic conditions stabilize, the landscape for cryptocurrency investment in Australia is poised for further transformation.
The findings of the Independent Reserve Cryptocurrency Index underscore the growing relevance of Bitcoin and cryptocurrencies in the investment portfolios of Australians, reflecting a broader trend towards digital asset adoption in the country’s financial landscape.
