Finder's Consumer Cryptocurrency Report uses data from Finder's Consumer Sentiment Tracker (CST) to build a profile of the cryptocurrency market within Australia and consumer behaviour and attitudes towards it.
Cryptocurrency challenges traditional financial structures, offering unprecedented accessibility and potential for financial empowerment. While the market's journey has been marked by volatility, it represents a cautious step towards a future where individuals have greater control over their assets.
Australia alone has more than 15 cryptocurrency exchanges, with moves underway to introduce better regulations for protecting consumers. Additionally, the launch of Bitcoin ETFs in the US has paved the way for more investors than ever to get involved.
With Bitcoin hitting all-time-highs of $112,100 AUD ($73,750 USD) in March of this year, there's no mistaking that there's a buzz in the air. Partnering with Coinbase, Finder has surveyed more than 3,000 Australians to dig deeper and find out what's really on the mind of everyday Australians and crypto natives in 2024.
"If you've bought crypto recently, you're not alone. In the past 12 months, 9% of Australians or 1.9 million people have traded crypto."
"Earlier this year, the SEC approved spot trading on exchanges of funds invested in Bitcoin, making investment in Bitcoin accessible to ordinary investors. This is another macro event that has further inspired investor confidence. Coinbase Institutional is the trusted partner and primary custodian to 8 of the 11 ETF providers approved by the SEC, providing a secure environment for ETFs to thrive."
"The research also points to wider uptake and awareness among Australians working in trades such as plumbing and electrical. These occupations are among the most likely to own crypto."
"The future of cryptocurrency in Australia is not without its challenges. But it is encouraging to see that the vast majority of Australians are optimistic about the outlook for crypto in Australia and its potential. Further, over half (53%) of Australians believe that crypto represents the future of finance."
"At Coinbase, we too believe crypto is the future of money. We are building a runway of clear rules, partnerships, and trusted products and infrastructure to support innovations, today and in the future. We have prioritised governance and compliance from the start, to be the most trusted exchange in the world."
Graham Cooke – head of consumer research
"Whether you're a naysayer or a nerd, it is clear that the cryptocurrency ecosystem in Australia is brimming with highly engaged participants – regardless of whether they are short-term active traders or long-term holders.
For many of these Australians, cryptocurrency has graduated from a speculative investment on the outskirts of portfolios to an important tool for wealth creation and diversification. Beyond the investment implications, a surprising number of consumers are hoping to, or already are using it as a functional currency, giving us a glimpse into how cryptocurrency can continue to permeate our everyday financial lives beyond rates and returns."
This research was done in partnership with Coinbase. Make fast AUD deposits and withdrawals using PayID. Join 103 million+ customers.
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