Crypto spending in Australia increased by 10%, Swyftx’s survey concludes
Aussie top crypto exchange Swyftx, which has over 600,000 users across Australia and Newzealand, conducted its annual survey for September 2022. Interestingly, the results show that Australian women earn more crypto profits than Australian men.
Despite the market’s high volatility and downward trends, 72% of crypto users have reported profits on their investments. Furthermore, the average earnings earned by Australian women this year is $7,256 compared to the $7,034 average earnings earned by Australian men.
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In addition, the research conducted by YouGov and commissioned by Swyftx reveals that Australia’s interest in crypto continues to grow despite the disastrous effects of the sudden crypto winter.
Crypto ownership grew by 4% from 17% to 21% in 2022. Moreover, the survey shows that 29% of crypto holders are still positive on long-term investments, who invest or have invested in the crypto. On the downside, the number of people who believe crypto will be the money of the future has fallen by 5% from the previous year.
Common crypto usage increased
In line with the study, the use of cryptocurrency in daily life has increased by 10% in Australia. The report reads;
Australians use cryptocurrency as a medium of exchange for goods and services. Crypto spending has increased by 10pp over the past 12 months, with 53% of crypto-owning Aussies reporting using their crypto to make purchases.
Amazon is one of the most used online marketplaces that attracted 27% of crypto users in Australia, with 21% spending on fuel at pumps and 23% at restaurants.
Tommy Hanan, Head of Strategic Partnerships at Swyftx, spoke about the increased crypto spends, noting in a statement;
It’s interesting to see such a significant increase in the number of Aussies using crypto to shop online, because it speaks to where the future of digital assets almost certainly belongs. Over the next five to ten years, we expect to see far fewer cryptocurrencies and far less market volatility. Digital assets and traditional finance are unlikely to be separated.
Regulations remain a major concern stopping Aussies from entering the crypto space
According to Swyftx, 61% of Australian individuals have not bought crypto so far, up 3% compared to last year’s figure of 58%. In addition, 43% of non-crypto owners pointed to the lack of regulatory effectiveness that prevents them from investing in digital assets.
On the other hand, 26% of Australian adults expressed their intentions to buy cryptoassets probably in a year, while 41% plan to buy stocks and shares in 12 months.
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The percentage expected to enter the crypto space next year equates to around 1 million new users. A large portion of them represent millennial Gen Zers, born after 1996. But to accelerate growth more than this year’s flat numbers, the government needs to improve consumer protection, Swyftx’s report urged.
Featured image from Pixabay and chart from TradingView.com
