Australia’s Attitude Toward Bitcoin Surges Following US Spot Bitcoin ETF Approvals

Those over 55 had a 100% increase in positive opinion about bitcoin, which significantly skewed the trend.

According to a recent poll, Australian retail interest in Bitcoin has surged since January, when spot Bitcoin exchange-traded funds (ETFs) were approved in the US.

Following legalization, Australia saw a 25% increase in positive perception toward bitcoin, and adoption rates in 2024 somewhat increased as well. Uncertain economic conditions, however, prevented further adoption, according to a survey of 2,100 persons in the fifth annual Independent Reserve Cryptocurrency Index, which was released on February 21.

Those over 55 showed a strong bias toward the growth in positive attitude, with favorability for Bitcoin rising by 100%.
Adrian Przelozny, CEO of Independent Reserve, stated of the results, “Sentiment has demonstrably shifted” and that “we’ve entered a phase of renewed optimism and growth.”

According to the survey, 19% of participants would buy a spot Bitcoin ETF that is listed on the Australian Securities Exchange (ASX) if one were available. The most enthusiastic respondents (29% and 30%, respectively) were between the ages of 25 and 34 and 35 and 44.

Approximately 33% of participants indicated that they would probably use a self-managed retirement fund to make long-term Bitcoin investments. These respondents disagreed about whether they would rather use an ETF or a cryptocurrency exchange to access Bitcoin.

Between 2022 and 2024, the overall percentage of cryptocurrency owners rose from 1.9% to 27.5%; however, according to Independent Reserve, the largest movement was seen among those 65 and older and those aged 55 to 64, who saw rises of 200% and 128%, respectively.

Speaking about the numbers, an Independent Reserve representative suggested that more positive attitude may be generated by tighter regulation, an ASX-listed spot Bitcoin ETF, and a rise in corporate use.

Though mood has grown and ownership has expanded, not everything appears to be positive.

According to the survey, prospective investors in cryptocurrency are still discouraged from doing so by price volatility, a lack of consumer protection, and misunderstanding.

Conversely, 18% of those who do not currently invest in cryptocurrencies stated that they intended to but changed their minds because of the unstable state of the economy.

In a similar vein, 18% of cryptocurrency investors stated they were thinking about selling their holdings to offset growing interest rates and living expenses.

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