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o believe crypto will become the future money has dropped by 5% from the previous year.
Mainstream Crypto Use Increased
In line with the study, cryptocurrency use in daily life has surged by 10% in Australia. The report reads;
Australians are using cryptocurrency as a medium of exchange for goods and services. Crypto-spending has increased by 10pp over this past 12 months with 53% of crypto-owning Aussies reporting they have used their crypto to make purchases.
Amazon is one of the most widely used online marketplaces that attracted 27% of crypto users in Australia, with 21% spending on fueling at pumps and 23% on restaurants.
Speaking on the increased crypto spending, Tommy Hanan, head of strategic partnerships at Swyftx, noted in a statement;
It’s interesting to see such a significant uptick 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 likely will become indistinguishable from one another.
Flagship coin BTC is currently trading above $19,000. | Source: BTCUSD price chart from TradingView.com
Regulations Remains A Big Concern Stopping Aussies To Enter Crypto-Space
As per Swyftx, 61% of Aussie individuals have not purchased cryptos so far, up by 3% compared to the previous year’s figure of 58%. In addition, 43% of non-crypto-owning people pointed to the lack of regulatory efficiency keeping them at bay from investing in digital assets.
On the other hand, 26% of Australian adults expressed their intentions to buy crypto assets likely in a year, while 41% plan to buy stocks and equities in 12 months.
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The percentage expected to enter the crypto space next year is equated to around 1 million new users. A big part of them represents millennial Gen Zers, born after 1996. However, to speed up the growth more than this year’s steady figure, the government needs to improve consumer protection, Swyftx’s report urged.
