Bitcoin Is The King Of Crypto Brand Awareness For Aussies: Report

by · November 30, 2022

Bitcoin (BTC) has topped the crypto charts in a survey from down under. According to 2,000 Australians surveyed by the Independent Reserve Cryptocurrency Index (IRCI), Bitcoin is number one for brand recognition, ownership and overall sentiment.

In the report, while 92% of Australians have heard of cryptocurrencies, Bitcoin enjoys the highest levels of brand awareness. Consequently, 90.80% of respondents had heard of Bitcoin.

Stephan Livera, a popular Bitcoin podcaster from Australia, shed light on the numbers. Livera told Cointelegraph, “Bitcoin continues to grow in brand awareness because it was first and because it was truly zero to one moment similar to discovering fire or inventing the printing press.”

“Bitcoin also has the strongest community of builders and educators, so it is sustained over market cycles.”

Bitcoin’s popularity is swelling in Australia despite its price falling into the low-teens in early November. In the long term, Australians are bullish. The report shares that Australia’s population of nearly 26 million people is “committed to crypto for the longer term, with overall adoption and long-term confidence in the sector’s future remaining high.”

Most of the respondents who own crypto actually believe that the price of Bitcoin will be above $30,000 by 2030; almost double the current prices. Even for those surveyed who do not own crypto and are therefore less biased that their investments will increase in value, 43% of respondents believe the price per BTC will be above $30,000.

Adrian Przelozny, CEO of Independent Reserve explained: “Despite this volatility, the 2022 IRCI data clearly shows that Australians’ interest and investment in crypto remains high and continues to gain momentum.”

In the short term, it is the youngest demographic that is losing crypto assets the fastest; drop from 33.3% to 55.7% in the 18-24 age group. Additionally, overall crypto ownership has decreased marginally from 28.8% to 25.6% over the past year.

Livera explained the drop: “As for why ‘crypto’ and Bitcoin ownership rates will fall in Australia in 2022, I add this to the usual cyclical waxing and waning price action.”

“Ironically, it is now in the bear market that newer speculators learn more about the actual ethos of Bitcoin and become the HODLers and stackers that form the basis for the next cycle.”

As Livera refers to, however, it is unclear what assets the groups no longer have. The report groups Bitcoin with other cryptocurrencies, such as Solana (SOL) or Ethereum (ETH), on broader issues. For example, it asks: “Will crypto be widely accepted by people and businesses,” despite the fact that Ethereum’s promise was not to become a currency, but a means of monetizing the platform, while Solana is intended to be a home for decentralized applications or DApps.

Related: Aussies warned to avoid crypto paper wallets they find on the street

Despite the youngest age group falling in love with crypto, cryptocurrency awareness among Australians overall rose slightly to 92%, up from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it continues to be the most popular crypto.

Curiously, awareness of Bitcoin is rising among the over 65s – to 93.5% levels, indicating that boomers are warming up to Bitcoin.