Is Australia adopting crypto in addition to high inflation?
- According to the recent report, the annual inflation rate in Australia rose to 7.3% in the third quarter (Q3) of this year from 6.1% in the second quarter (Q2.)
- In addition, the IRCI report showed that 28.8% of Australians owned cryptocurrencies in December 2021.
Crypto adoption in Australia
A report by the Independent Reserve Cryptocurrency Index (IRCI), IRCI Australia 2021, says ownership of crypto assets rose rapidly by a whopping 56% in 2021. 28.8% of Australians said they have owned cryptocurrency, up from 18.4% in 2020 .
The following index report was prepared while engaging leading consumer research firm PureProfile to conduct a cross-sectional survey to measure Austrailian crypto adoption with more than 2,000 Austrailians.
On the other hand, the annual inflation rate in the country is the highest in over 32 years as the annual inflation rate has reached 7.3% in the 3rd quarter of 2022. Additionally, on a quarterly basis, consumer prices rose 1.8%, after the same pace in Q2 which remained the steepest pace since the introduction of the Goods and Services Tax compared to the consensus of 1.6%.
Cryptocurrency Adoption Index in Australia
According to Finder’s Cryptocurrency Adoption Index, October 2022 report, 4.1 million Australians own crypto, with 61% of crypto owners holding Bitcoin. While Aussie men appear 1.5 times more likely than women to adopt cryptocurrency.
In addition, the country is ranked 5th out of 26 countries for crypto adoption, in Finder’s Crypto Adoption October-2022 report. And the crypto ownership rate in the country is 20%, which is quite higher than the global average of 14%. It should be noted that globally ownership is at 14% for the October 2022 report, down from 15% in the last report.
Moving on to cryptocurrency ownership percentages by coin, about 12% of Australians said they own Bitcoin (BTC), with 9% saying they own Ethereum (ETH), 4% owning Dogecoin (DOGE) and 3% owning Cardano (ADA ).
Now moving on to the most popular cryptocurrencies in Australia, which is arguably Bitcoin which has around 61% ownership. That is above the global average, that is, at 36%. However, next on the list is none other than Ethereum, which has around 44% of crypto owners – above the global average of 23%.
Going forward, Dogecoin in the country is also above the global average of 19%, as it is owned by approximately 21% of Australians. And finally, Cardano marked its presence on the list by having around 17% of the crypto owners in the country.
Well, on 25 October 2022 Jim Chalmers, Treasurer of Australia, presented the October 2022 Budget. In which he stated that “Our Budget puts a premium on what is responsible, affordable and sustainable, creating more opportunities for more Australians”.
