According to a Finder analysis, as bitcoin use grows, Australia is outperforming both the UK and the US. According to available data, Australia has a population of more than 25 million people. As a result, according to Finder’s analysis, more than 4 million Australians presently possess cryptocurrencies. According to the same survey, Australia is below Nigeria, Vietnam, and the Philippines.
Surprisingly, the survey indicates that the crypto population in Australia already outnumbers the whole population of Wales, which stands at 3.136 million people. Furthermore, the Canary Islands and the US state of Atlanta, Georgia have populations that are twice and six times lower than the Australian crypto population, respectively. The former has a population of 2.207 million people, while the latter has a population of 488,800 people. The fact that the crypto population in Australia dwarfs the populations in the region above indicates a rapid adoption.
Finder’s analysis also addresses critical topics such as “How many Australians possess cryptocurrency?” “Why are Australians investing in cryptocurrency?” Finally, “Why are some people hesitant to buy cryptocurrency?” Its research makes forecasts about the future adoption rate of cryptocurrencies in Australia and around the world.
We can draw some conclusions from the report’s findings on the knowledge and ownership of cryptocurrencies among the Australian people. One difference is that males own twice as much cryptocurrency as females. However, as mentioned in the survey, both males and females revealed that their pessimism toward crypto investing is guided by a lack of knowledge about how to purchase cryptocurrencies.
Second, worries about the volatility and hazards associated are a significant impediment to widespread crypto adoption. The third factor is that they prefer traditional techniques to saving and investing. Other significant reasons include a lack of understanding of what cryptocurrency represents and the fact that it ‘cannot be utilised daily’ in comparison to traditional money.
Suggestions for increasing adoption rate reveal that cryptocurrency supporters, particularly celebrities or other prominent figures, should embark on a sensitization journey to educate people in remote areas not only on what cryptocurrencies represent, but also on how they can apply it to their daily lives and activities.
There have also been recommendations for creating user-friendly apps for purchasing and trading cryptocurrency. They may, on the other hand, be integrated into existing infrastructure that this group of individuals trusts and has been utilising.
Currently, one-sixth of the Australian population owns cryptocurrency, making the country one of the top cryptocurrencies adopters among English-speaking countries. In terms of crypto acceptance, Australia is currently ahead of the United States and the United Kingdom. While the United States has a 14 percent market share, just one-fifth of the UK population has used or now owns cryptocurrencies.