Australia’s crypto adoption rates overtake the US and UK, but lag behind Nigeria

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According to a recent study published by the independent research group Finder, one in six people in Australia claims ownership of cryptocurrency, in one form or another.

Finder is an independent information resource that aims to inform decision-making for readers in areas such as retail and banking products, in addition to cultural research.

Additional information provided by the World Bank and supported by sources such as the United States Census Bureau suggests that the population of Australia in 2020 is approximately 25,687,041. This means that approximately 4,281,173 Australians currently own homes. cryptos.

This means that the number of people owning cryptocurrency in Australia exceeds the total population of Wales in the UK (3.136 million), twice the population of the Canary Islands (2.207 million) and six times the population of Atlanta. , in Georgia in the United States (488,800).

Misinformation and misunderstandings?

Released in August of this year, the Finder report answers important questions such as How many Australians own cryptocurrency? Why do Australians buy cryptocurrency? and why some [people] still hesitant? as well as predictions and projections on the future of cryptocurrency in Australia and abroad.

There are several other interesting facts that we can take away from the most recent Finders report on the state and demographics of cryptocurrency knowledge and ownership in the country of Australia.

For example, many more men than women own cryptocurrency. Twice as much, in fact. The reasons given by both men and women as to why they are skeptical of investing are a lack of understanding of exactly how you are supposed to buy cryptocurrency.

A lack of understanding is a major barrier to the adoption of cryptocurrency by the general public. Other top reasons for not owning a cryptocurrency include volatility and risk, a general preference for more traditional forms of saving and investing, not knowing what crypto is -currency and, finally, the fact that they do not think that it can be used on a daily basis as with fiat money.

If cryptocurrency supporters are to increase adoption rates, they will need to find a way to successfully reach out to these hard-to-reach skeptics and educate them on how cryptocurrency works not only at a functional level, but also on how she can adapt. in their everyday life without complications.

This could come in the form of more user-friendly apps for buying or trading cryptocurrency, or an integration into existing apps and merchants that people know and already trust.

Global crypto adoption rate by country

With one in six Australians claiming to own a cryptocurrency, this makes the country one of the top crypto users in the English-speaking world, especially compared to the United States, where only 14% of the population is believed to own a cryptocurrency. . In comparison, in the UK almost a fifth of the population claim to have purchased cryptocurrency in the past.

According to data provided by Statista, as of 2020, the countries with the highest cryptocurrency adoption rates (by the percentage of the population that owns a cryptocurrency) are Nigeria (31.9%) , Vietnam (21.1%) and the Philippines (19%).

Disclaimer All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes on the information found on our website is strictly at his own risk.

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