36% of Australians want more crypto regulations: IRCI report

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In its fourth edition, the Independent Reserve Cryptocurrency Index (IRCI) 2022 study over 2,000 Australians to gauge their attitude towards digital assets. The study found that 92% of Australians were aware of cryptocurrency, with 25.6% of them owning a digital currency.

Although the sample comprised only 2,000 people, the annual survey reflects the average Australian adult. In addition, the sample population reflects diversity in terms of gender, geographic distribution, and age.

Bitcoin was the most recognized cryptocurrency in the country, followed by Ethereum and Dogecoin. Only 8% of those surveyed stated that they had never heard of cryptocurrencies.

In fact, Ethereum and Solana awareness skyrocketed 6.2% and 4.8% respectively between 2021 and 2022. The report attributes the growth of Ethereum to the recent migration of proof-of-work, while the growth of DeFi fueled Solana’s popularity.

The report also found that the majority of Australians were committed to long-term adoption of cryptocurrency, provided the country adopted better cryptocurrency regulations.

crypto property in Australia

Additionally, 36.1% of Australians said they did not invest in cryptocurrency due to a lack of Consumer protection and crypto regulations, up from 24.8% in 2021. However, 32% said they were willing to invest if regulators did more to protect consumers.

Age and gender in cryptocurrency ownership

Meanwhile, an interesting data set was that of female cryptocurrency owners who saw a 1.4% rise, while their male counterparts fell 10%. The increasing number of women cryptocurrency owners falls against the backdrop of last year’s 100% increase in women in crypto.

According to the IRCI report, there were 21.4% female cryptocurrency owners in Australia. A figure that nearly closed the gap between men and women in digital currency ownership.

In terms of age, cryptocurrency ownership increased from 38% to 45.5% for respondents aged 35-44, and from 25.3% to 27% for those aged 45-54.

The biggest drop in cryptocurrency ownership was reflected in the younger 18-24 population, where ownership fell from 55.7% to 30.7% in one year. However, a portion of the younger generation said that they would love to invest in digital currencies if they were in a financial position to do so.

Published in: Australia, Adoption

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