March 28, 2023
Ethereum Rallies 10%, The Bulls Still Need to Handle the Hurdle

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Australian crypto exchange Swyftx conducted the 2nd Annual Australian Crypto Survey, which was carried out by a research organization “YouGov.” The results show that almost 1M Australians intend to buy cryptocurrency in the coming year. This will bring the cryptocurrency adoption rate up to 5M in Australia.

One Million Australian Citizens to Possess Crypto During Next Year

The survey was conducted in July, from the sample consisted of 2,609 Australian respondents (belonging to the age group of 18 and above). Out of 2,609, approximately 548 were recognized as cryptocurrency holders.

Although the present crypto Winter has destroyed digital assets of up to $2T cost in the duration of 1 year, still the rate of crypto holdings have increased by 4% year-on-year to reach 21% this year in Australia.

The survey stated that the aforementioned rate will be lifted, as 1M more Australians are ready to become cryptocurrency holders in the next year. The survey’s findings reported that almost 1 quarter of the Australian population intends to purchase cryptocurrencies next year, including Australian parents, Gen Zers, Millenials, as well as full-time workers.

The information taken from Bitcoin processors along with survey results pointed out that this prevailing crypto winter is not obstructing crypto adoption in Australia. The owner of CoinJar – a crypto exchange – has claimed that sports sponsorship is assisting the process of legalizing cryptocurrencies in Australia.

Tommy Honan, who is the head of Swyftx’s Strategic Partnerships, said in an interview that taking into consideration the rate of crypto adoption in Australia, it seems that half of the youngsters under 50s have adopted or will adopt crypto in the coming few years. He added that some factors make it difficult for them to predict crypto’s future.

Crypto’s Future Still Unpredicted

Next year is critical for crypto, as it has to regain its stable state first. So crypto may get increase or decrease in the next 12 months.

There are two major obstacles to crypto growth taking into account a lack of a reliable regulation system as well as the lack of awareness about market vitality and the working of crypto (for new investors).

CK Zheng – Head of Risk and Valuation at Credit Suisse – supported the same point by saying that if the next bull run comes in the United States, then it will only be the outcome of regulatory clarity. Ryan Parsons also reinforced the concept by saying that the demand for clarification of regulatory rules has been received frequently, so the authorities need to consider this point.

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