Crypto Spending In Australia Surged By 10%, Concludes Swyftx’s Survey

Crypto Update
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Aussie top crypto exchange Swyftx, which boasts over 600,000 users across Australia and Newzealand, conducted its annual survey for September 2022. Interestingly, the results reveal that Australian females make more crypto profits than Australian men. 

Despite the market’s high volatility and downtrends, 72% of crypto users have reported profits on their investments. Furthermore, the average profit earned by Australian women this year stands at $7,256 compared to the $7,034 average profit gained by Australian men.

Related Reading: Why Mastercard Launched First NFT Card With This Crypto App

In addition, the research conducted by YouGov and commissioned by Swyftx reveals that Australia’s interest in crypto keeps growing despite the catastrophic effects of the sudden crypto winter.

Crypto ownership grew 4% from 17% to 21% in 2022. Moreover, the survey indicates that 29% that crypto holders still remain bullish on long-term investments, who invest or have invested in the crypto. On the downside, the number of people who believe crypto will become the future money has dropped by 5% from the previous year.

Mainstream Crypto Use Increased

In line with the study, cryptocurrency use in daily life has surged by 10% in Australia. The report reads;

Australians are using cryptocurrency as a medium of exchange for goods and services. Crypto-spending has increased by 10pp over this past 12 months with 53% of crypto-owning Aussies reporting they have used their crypto to make purchases.

Amazon is one of the most widely used online marketplaces that attracted 27% of crypto users in Australia, with 21% spending on fueling at pumps and 23% on restaurants. 

Speaking on the increased crypto spending, Tommy Hanan, head of strategic partnerships at Swyftx, noted in a statement;

It’s interesting to see such a significant uptick in the number of Aussies using crypto to shop online because it speaks to where the future of digital assets almost certainly belongs. Over the next five to ten years, we expect to see far fewer cryptocurrencies and far less market volatility. Digital assets and traditional finance likely will become indistinguishable from one another.

Flagship coin BTC is currently trading above $19,000. | Source: BTCUSD price chart from TradingView.com

Regulations Remains A Big Concern Stopping Aussies To Enter Crypto-Space

As per Swyftx, 61% of Aussie individuals have not purchased cryptos so far, up by 3% compared to the previous year’s figure of 58%. In addition, 43% of non-crypto-owning people pointed to the lack of regulatory efficiency keeping them at bay from investing in digital assets.

On the other hand, 26% of Australian adults expressed their intentions to buy crypto assets likely in a year, while 41% plan to buy stocks and equities in 12 months.

Related Reading: Italian Soccer Champions AC Milan Unveil NFT Partnership With MonkeyLeague

The percentage expected to enter the crypto space next year is equated to around 1 million new users. A big part of them represents millennial Gen Zers, born after 1996. However, to speed up the growth more than this year’s steady figure, the government needs to improve consumer protection, Swyftx’s report urged.

Featured image from Pixabay and chart from TradingView.com

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