Consumer Cryptocurrency Report 2024

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.

Beyond the buzz

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.

Dissatisfaction

• Only 65% of Australians reported some level of satisfaction with the current financial services at their disposal.
• Gen Z and millennials are the least satisfied – only 59% of millennials are at least somewhat satisfied compared to 73% of baby boomers.
• 24% of consumers who reported some level of dissatisfaction have owned crypto in the last year compared to 17% who reported satisfaction.

Familiarity

• 17% of Australians (3.6 million people) have bought, sold or held cryptocurrency in the last 2 years.
• An impressive 52% of Australians say they are familiar with crypto or crypto ETFs.
• Younger generations (gen Z and millennials), men and consumers with high household incomes are the most familiar.

Frequency

• Almost two-thirds (67%) of those with cryptocurrency trade at least once a month.
• This suggests a deep engagement in the market either through passive long-term strategies like dollar cost averaging (DCA) or shorter-term active trading.
• Both strategies are popular with 37% of crypto owners hoping to gain long-term appreciation or profit and 29% looking for short-term profits.

Diversification and portfolio creation

• The average crypto portfolio held by Australians is worth $21,426. This is a third of the average stock portfolio at the time of writing ($61,855).
• Consumers who participate in both the share and crypto markets, have a larger average share portfolio of $100,710, and slightly less allocated toward cryptocurrency with an average portfolio of $19,168.
• For many holders, crypto is part of a larger multi-asset investment portfolio – over 3 in 4 (76%) who currently own crypto also own shares.
• These findings align with the benefits that holders see in crypto. Diversification is the fourth most popular benefit, with 26% reporting that they are hoping to diversify their portfolio with cryptocurrency.

Crypto exchanges: What's important?

• As crypto has continued to enter the mainstream, consumer preferences have evolved.
• 50% of owners said the security and reputation of an exchange is the most important feature to them, making it the top feature in 2024.
• In 2022 the security and reputation of exchanges was third most important with only 39% of consumers valuing it. Receiving good customer support has also jumped from 12% of holders ranking it highly to 31% now.
• Meanwhile, the appetite for most advanced features like self-managed super fund (SMSF) support has dropped from 19% to 9%.

Expert commentary

This research was commissioned by Coinbase. Make fast AUD deposits and withdrawals using PayID. Join 103 million+ customers.

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