According to Investment Trends, almost two million Australians have been exposed to cryptocurrency, with 1.56 million continuing to hold the digital asset. The research firm's 2022 Australian cryptocurrency user report surveyed over 3,700 adults to gauge the rate of cryptocurrency adoption in Australia.
The Australian cryptocurrency consumer
In Australia, almost 1 in 4 adults own some type of cryptocurrency. The market has developed rapidly, reflected in increasing trading volumes on exchanges as well as a significant spike in the daily active users of cryptocurrency wallet apps.
According to a November 2022 report on cryptocurrencies in Australia, around ten percent of the respondents reported that they had invested in Bitcoin. The second most popular cryptocurrency among the survey respondents was Ethereum, with eight percent of respondents reporting ownership.
As of 2023, we estimated global crypto ownership rates at an average of 4.2%, with over 420 million crypto users worldwide.
What was the market size of the Cryptocurrency Exchanges industry in Australia in 2022? The market size, measured by revenue, of the Cryptocurrency Exchanges industry was $60.5m in 2022.
CoinSpot Exchange
CoinSpot is Australia's largest crypto exchange, packed with features, and a massive range of 370+ coins. They state that they are the most secure crypto platform in Australia, so we decided to do some research to either back up or debunk this claim.
Despite the risks and lack of regulation, Australian investors have embraced cryptocurrency in recent years. A report by US crypto exchange Gemini found almost one in five (18%) of Australians bought digital currencies in 2021.
Some who've braved the crypto waters have dove deep. After removing the top and bottom 1% of survey respondents, the average amount invested in crypto — according to our research — is $7,738, with a median of $500. Many people have a set amount of money they're able and/or willing to invest.
Which countries have the most crypto owners? Without adjusting the PPP, the U.S. has the most crypto owners at roughly 13% of the population (or 46 million). Many 2021 surveys suggest at least 16% of Americans traded crypto.
Guessing the right number, however, is difficult. As per the data available from various sources, there are a minimum of 32,500 millionaires in the crypto industry as of 2023, and the actual number is expected to be higher.
“The latest research into Australia's cryptocurrency investors shows over 1 million Australians aged 18+ now have an investment in cryptocurrency – at an average value of just over $20,000.
Yes, you must pay tax on your crypto if you hold it as an investment. In crypto investors' ideal world, taxes wouldn't apply to digital currency; however, as the federal government considers your crypto investments to be assets, they fall under the Capital Gains Tax (CGT) umbrella.
The amount of tax you'll pay however varies a lot depending on whether you have a short-term or long-term gain. Gains from crypto held less than a year before sale are taxed in full, while gains from crypto held more than a year before sale receive a 50% discount.
The average age of the general wealthy population was 60.5 years old, and the average age of crypto entrepreneurs and investors was 47, according to the report.
94% of Crypto Buyers are 18-40 Years Old.
Washington owns more than $5 billion worth of seized bitcoin and has been reluctant to part with it. That may represent inertia more than strategy. F rom the increasingly ferocious federal crackdown on the cryptocurrency business, it might appear the U.S. government cannot stand digital currencies.
The largest holder of Bitcoin is believed to be Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Nakamoto is estimated to own approximately 1,000,000 BTC, worth around $27.13 billion.
The Chinese government holds $6 billion worth of cryptocurrencies, including Bitcoin, Ethereum and others. CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry.
Can You Lose More Than You Put In? We've established that the value of crypto can never fall below zero. But investors can lose money on crypto investments and see a negative balance depending on their investing strategy.
How much to invest in crypto is a personal question all investors have to answer. We'll get straight to our recommendation. We call it our 5% golden rule: At Betterment, we recommend investing 5% or less of your investable assets (your investable cash, stocks, bonds, mutual funds, exchange-traded funds, etc.)
Overall, Australia's approach to the crypto industry is a positive one, with a strong focus on responsible innovation and consumer protection.
Yes. Cryptocurrencies are legal in Australia. For example, on our exchange, you can buy and sell over 160 different cryptocurrencies.
Bitcoin (BTC) and other cryptocurrencies are legal in Australia and are treated as property. It is legal to trade, spend, receive and store cryptocurrency, and they are an accepted means of payment for personal and business transactions, although merchants are not obliged to accept it.