Australia is experiencing a retail renaissance in crypto investment spurred by the United States approving itcoin">Bitcoin spot ETF products, according to new data published this week.
Per an annual survey by local exchange Independent Reserve polling over 2000 adults, favorable sentiment towards crypto leader itcoin">Bitcoin leaped 25% following the SEC giving the green light to spot BTC funds stateside last month.
The shift was especially pronounced amongst older demographics, with positivity doubling for those aged 55 and up. Independent Reserve CEO Adrian Przelozny said the findings signal a new “phase of renewed optimism and growth” down under.
Buoyed by the prospect of ASX-listed spot itcoin">Bitcoin ETFs mirroring the U.S., the report found that 19% of respondents are keen to invest should suitable Australian-regulated products launch. Potential demand is strongest amongst Millennials and Gen X.
But it’s not just looming ETFs getting Aussies excited – actual crypto ownership rose 1.9% over the past year to 27.5% of adults holding digital assets. Surging ownership by older generations, up over 100%, suggests retirement savers are increasingly allocating to crypto too.
Yet for all the positive indicators, the report notes lingering barriers like crypto’s infamous volatility and consumer protection fears persist for mainstream adoption.
And while ownership rose modestly, economic headwinds could spark an exodus – 18% of current crypto holders say they may sell out of necessity amidst ballooning living costs.
If Australia can introduce a regulated, retail-friendly itcoin">Bitcoin ETF and clarify crypto rules to protect new users, expect the tide toward its digital asset ambitions to turn tidal.
