Australia's cryptocurrency adoption rate surpasses US and UK

According to a recent study published by independent research group Finder, one in six people in Australia say they own cryptocurrencies, on a wallet or otherwise.

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Additional information provided by the World Bank and supported by sources such as the United States Census Bureau suggests that Australia’s population in 2020 is approximately 25,687,041. This means that approximately 4,281,173 Australians currently own cryptocurrencies

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This means that the number of people who own cryptocurrencies in Australia exceeds the entire population of Wales in the United Kingdom (3.136 million). Twice the population of the Canary Islands (2.207 million) and six times the population of Atlanta, Georgia in the United States (488,800).

Disinformation and misunderstandings?

Published in August this year, the Finder report answers important questions such as “How many Australians own cryptocurrencies?” “Why are Australians buying cryptocurrencies?” and “Why are some [people] still hesitant?” along with predictions and forecasts for the future of cryptocurrencies both in Australia and internationally.

There are a few more interesting facts we can glean from Finders’ latest report on the state and demographics of cryptocurrency knowledge and ownership in Australia.

For example, far more men own cryptocurrencies than women. In fact, twice as many. The reason given by both men and women as to why they are skeptical about investing is a lack of understanding of how exactly to buy cryptocurrencies.

Lack of understanding is a key barrier to mainstreamadoption

of cryptocurrencies. Other main reasons for not owning cryptocurrencies include volatility and risk. A general preference for more traditional forms of saving and investing, a lack of knowledge about “what cryptocurrencies are”. And finally, the fact that they don’t feel it can be used “every day” like fiat currency.

If cryptocurrency advocates want to increase adoption rates, they will need to find a way to effectively reach these hard-to-reach skeptics. Educate them about how cryptocurrencies work not only on a functional level, but how it can fit into their daily lives without complications.

This could come in the form of more user-friendly apps for buying or trading cryptocurrencies. Alternatively, integration with existing apps and vendors that people know and already trust.

Global cryptocurrency adoption rates by country

One in six Australians say they own crypto

currency. This makes the country one of the biggest proponents of cryptocurrencies in the English-speaking world. Especially when compared to the US, where only 14% of the population owns cryptocurrencies. In comparison, in the UK, nearly one-fifth of the population claims to have bought cryptocurrencies in the past.

According to data provided by Statista, in 2020, the countries with the highest cryptocurrency adoption rates (by percentage of the population that owns a cryptocurrency) are:

  • Nigeria (31.9%)
  • Vietnam (21.1%)
  • Philippines (19%).

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