Fri. Oct 22nd, 2021

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In line with Finder’s August 2021 Report, One in Six of all Australians own cryptocurrency (4,281,173 people). This can be a greater number of people than the entire inhabitants of some countries, together with Wales and the Canary Islands. Australia has one of many highest cryptocurrency adoption charges on the planet, nonetheless, Nigeria holds the highest spot.

According to a recent study revealed by unbiased analysis group Finder, one-in-six of all individuals in Australia declare possession of cryptocurrency, in one type or another.

Finder is an independent information resource that goals to tell readers’ decision-making in areas such as consumer retail and banking merchandise, along with cultural analysis. 

Further info provided by the World Bank and backed up by sources such as the US Census Bureau means that the number of inhabitants of Australia in 2020 is approximately 25,687,041. This means that roughly 4,281,173 Australians currently own crypto.

This means the number of people that personal cryptocurrency in Australia exceeds the complete inhabitants of Wales in the UK (3.136 million), twice the population of the Canary Islands (2.207 million), and six times the population of Atlanta, Georgia in America (488,800).

Misinformation and misunderstandings?

Revealed in August this year, the Finder report answers essential questions such as ‘How many Australians own cryptocurrency?’ ‘Why are Australians buying cryptocurrency?’ and ‘Why are some people still hesitant?’ together with predictions and projections on the future of cryptocurrency both in Australia and internationally.

There are several more interesting details that we are able to take away from the newest Finders report in regards to the state and demography of cryptocurrency data and possession within the country of Australia.

For example, a lot more men own cryptocurrencies than women. Twice as many, actually. Reasons given by both men and women about why they’re skeptical in direction of the funding is a lack of understanding concerning precisely how you’re supposed to purchase cryptocurrency. 

A lack of understanding is a key barrier to mainstream cryptocurrency adoption. Different top reasons are given for not owning cryptocurrency include volatility and risk, a normal desire in direction of extra conventional types of financial savings and investments, not understanding “what cryptocurrency is,” and finally, the fact that they don’t really feel it may be used “day-to-day” like with fiat forex.

If proponents of cryptocurrency want to boost adoption rates then they will have to discover a means of efficiently reaching out to those hard-to-reach skeptics and educate them about how cryptocurrency works on not only a practical level but about the way it can match into their everyday lives without complication.

This could come in the type of more user-friendly functions for the acquisition or commerce of cryptocurrencies, or alternatively, integration into existing applications and merchants which people are familiar with and already trust.

International crypto adoption rates by country

With one-in-six Australians claiming to own cryptocurrency, this makes the nation one of the foremost adopters of crypto in the English-speaking world especially in comparison with the USA in which only 14% of the population has been reported to personal cryptocurrency. Comparatively, in the UK, almost one-fifth of the population claims to have bought cryptocurrency in the past.