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The recent ASX Australian Investor Study approximated that around 15% of Australians have allocated a portion of their wealth to cryptocurrencies. This statistic is relatively close to the 17% noted during the bullish market of 2021.
The study also indicated that younger Australians exhibit a greater affinity for the sector, with 31% identifying as HODLers.
The Latest Trends in ‘The Land Down Under’
The analysis revealed that about one in seven Australians has engaged with the cryptocurrency market, with males (69%) constituting the larger segment of investors. Most participants have invested between $340 and $3,400 in digital currencies, while merely 10% have put in over $67,000.
A detailed examination of various demographic segments indicates that younger individuals show significantly more interest in the market compared to older generations. 31% of the so-called “next generation investors,” averaging 21 years of age, have purchased Bitcoin or altcoins.
The organization that performed the study posits that younger individuals are more “risk averse than their older counterparts,” which may explain their greater willingness to endure the volatility of cryptocurrencies and engage with the ecosystem.
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“The majority understand the cyclical nature of investing, with 29% acknowledging that a 20% decline in their portfolio balances is a risk they recognize could occur, and another 36% stating that if this were to happen, they would be concerned but would wait to see if the situation improved,” ASX remarked.
It further noted that “next generation investors” are enthusiastic about emerging technologies and sometimes seek to engage with opportunities their parents might avoid.
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High-value investors (HVIs) also find the sector appealing. 33% possess digital currencies, with their median investment nearing $88,000.
The overall figures in the next study could rise if “intending investors” (approximately 1.33 million individuals) choose to participate. This group consists of those who have yet to invest but are contemplating doing so within the next year. 29% of them confessed they would prefer cryptocurrencies over all other alternatives.
Investing in stocks and real estate continues to be the most prevalent choice for Australians. Term deposits, ETFs, and international stocks complete the top five, while crypto ranks sixth.
Australians’ Preferred Investments, Source: ASX
Last Year’s Numbers
It appears that the persistent uncertainty in the cryptocurrency market has led to a significant withdrawal of investors among Australians, as Independent Research estimated in November 2022 that over 25% of locals were HODLers.
Similar to ASX, last year’s analysis found that younger individuals are more likely to have acquired digital assets. In contrast, only 10% of those aged over 65 have done so.
Awareness of cryptocurrencies was notably high, with nearly 90% familiar with Bitcoin. Approximately 43% had some knowledge of Ethereum (ETH), while Tether (USDT), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Cardano (ADA) were also recognized.
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