Bitcoin is King of Crypto Brand Awareness for Australians: Report

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Bitcoin (BTC) topped the crypto charts in a survey from Down Under. According to 2,000 Australians surveyed for the Independent Reserve Cryptocurrency Index, Bitcoin is #1 for brand recognition, ownership and overall sentiment.

Bitcoin with the most brand awareness, by far. https://t.co/LqhYPXe3p8

— Stephan Livera (@stephanlivera) November 28, 2022

According to the report, 92% of Australians have heard of cryptocurrencies, and Bitcoin enjoys the highest brand awareness, with 90.80% knowing about it.

Stephan Livera, a popular Bitcoin podcaster from Australia, shed some light on the numbers. Livera told Cointelegraph Bitcoin continues to gain notoriety because it was the first and because it was truly zero-to-one moment akin to the discovery of fire or the invention of the printing press.

Bitcoin also has the strongest community of builders and educators, so it holds its own through market cycles.

Recognition of bitcoins is strong in Australia even though its price fell in the teens in early November and over the long term Australians are optimistic. Australia’s population of nearly 26 million is engaged in crypto for the longer term, the report says, with overall adoption and long-term confidence in the sector’s future remaining high.

Indeed, most respondents who own crypto believe that the price of Bitcoin will be over $30,000 by 2030, almost double the current price. Even for those who do not own crypto and are therefore likely less biased, 43% believe the price per BTC will be above $30,000.

Adrian Przelozny, CEO of Independent Reserve, the Sydney-based crypto exchange that commissioned the report, explained: Despite this volatility, the IRCI 2022 data clearly demonstrates that Australian interest and investment in crypto remains high. and continue to grow.

But in the short term, momentum is waning among younger people, with ownership dropping to 33.3% from 55.7% among 18-24 year olds over the past year. Overall crypto ownership decreased slightly from 28.8% to 25.6%.

Livera explained: As to why crypto and bitcoin ownership rates are dropping in Australia in 2022, I attribute that to the usual cyclical up and down in price action.

“Ironically, it is now in the bear market that new speculators learn more about the real ethos of Bitcoin and become hodlers and stackers who create the basis for the next cycle.”

However, it is unclear which assets the groups no longer hold. The report groups Bitcoin with other cryptocurrencies, such as Solana (SOL) and Ether (ETH), on broader issues. For example, he asks, “Will crypto be widely accepted by individuals and businesses?” despite the fact that Ether’s promise was not to become a currency but a way to monetize the platform, while Solana is intended to be a home for decentralized applications.

Related: Aussies Warned to Avoid Crypto Paper Wallets They Find on the Street

Although the younger age group is falling in love with crypto, overall cryptocurrency awareness among Australians has increased slightly, to 92% from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it continues to be the most popular cryptocurrency.

Interestingly, Australians over the age of 65 were the most aware of Bitcoin, at 93.5%, indicating that baby boomers could be preparing for Bitcoin.

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