A recent survey published by the Cryptocurrency Exchange Platform, Independent reserve, shows, that Almost 20% of young adults in Australia will own virtual currency by 2020.
According to the 2020 edition of the Independent Reserve Cryptocurrency Index (IRCI) The general sentiment towards cryptocurrencies in Australia has improved significantly compared to 2019. In the IRCI survey numbers, the 2020 cryptocurrency index was estimated at 47, an increase of more than 10% from the previous value of 42 published in the 2019 report.
In the poll that covered 1,100 respondents from different demographic groups, Almost 20% said they owned cryptocurrencies. Participants between the ages of 25 and 44 were the most likely to admit they had one or the other crypto. As Cointelegraph previously reported, The Australian crypto sector saw significant growth in 2020.
As expected, IRCI listed Bitcoin (BTC) as the country’s most popular virtual currencyWith Over 88% of respondents said they knew something about the largest crypto asset by market capitalization. The report also showed the same awareness of BTC among men and women, but men were three times more likely to know about altcoins than women.
Actually, The survey also found growing inequality in the adoption of cryptocurrencies between men and women. While the ratio was two to one in 2019, the crypto ownership ratio has doubled and is now in four to one between men and women.
COVID-19 also appears to have played a role in shaping the crypto mood in Australia throughout 2020. Survey results show that 34% of respondents have not bought cryptocurrencies due to the economic uncertainties caused by the pandemic.
Young adults in Australia seem to have positive expectations of Bitcoin in the years to come. More than 40% of those surveyed between the ages of 25 and 34 were optimistic about the increasing introduction of cryptocurrencies in the future.
Despite the bullish price outlook for Bitcoin dominating the broader cryptocurrency discourse, The IRCI report pointed to a more subdued expectation among young Australian adults, most of whom predict that BTC will be below $ 30,000 by 2030. In contrast, respondents over 45 were more inclined to forecast projected prices above $ 30,000 for the next decade.
The year-over-year improvement in crypto sentiment reported by IRCI is part of 2020, which is generally good for the industry this year. In addition to the strict regulations against data protection coins, The government has shown positive attitudes towards cryptocurrencies and blockchain technology over the course of the year.