Cryptocurrency 'mainstream' in Australia

Cryptocurrency has gone
Cryptocurrency has gone "mainstream" in Australia and more women are having a punt.

Cryptocurrency has gone "mainstream" in Australia and more women are having a punt, according to a survey by a leading exchange.

More than a quarter (28.8 per cent) say they own or have owned cryptocurrency, the 2021 Independent Reserve Cryptocurrency Index (IRCI) released on Tuesday found.

The proportion of women dabbling in cryptocurrency doubled this year, from 10.3 per cent to 20 per cent.

Despite astounding volatility, most surveyed (89 per cent) have made money or broken even this year.

Independent Reserve chief executive Adrian Przelozny said the sector desperately needed regulation to provide greater security for both investors and cryptocurrency businesses.

"Our IRCI results this year support this, with 28.6 per cent of Australians who don't currently own crypto telling us they would invest if there were better consumer protections in place," he said.

Now in its third year, the annual survey of over 2,000 people tracks awareness, adoption, trust and confidence in cryptocurrency.

Some 26.6 per cent said they would buy crypto if industry regulation was improved.

"Although Australian regulators and government agencies may have taken a while to get their heads around cryptocurrencies and other digital assets, Australians themselves have sped ahead and we're really seeing that in the past year, as an asset class, crypto has gone from the fringe to the mainstream," Mr Przelozny said.

According to the survey, Bitcoin remains the most well-known and popular cryptocurrency, ahead of Ethereum.

The 24- to 34-year-old age group was the most trusting of crypto, with 27.6 per cent saying they bought in to get rich, while people aged 65-plus remain sceptical.

The latest Australian Taxation Office data shows there are more than 800,000 individuals transacting in cryptocurrency.

The Independent Reserve cryptocurrency exchange was developed and founded in Australia in 2013 and is now licensed in Singapore.

Australian Associated Press