Swapping Lawns for Ledgers: A snapshot of Australia’s next generation of crypto investors 

In a survey conducted by Easy Crypto, New Zealand’s leading cryptocurrency exchange, in collaboration with global market research firm Protocol Theory, the evolving landscape of cryptocurrency adoption among Australians has been brought to light. 

The survey, conducted in May 2024, engaged 1,063 Australian adults aged 18 to 70, offering a balanced demographic snapshot of contemporary Australia. 

The findings underscore a significant shift in attitudes towards financial futures, economic realities, and the role of cryptocurrency.

Entering the Mainstream

Crypto is no longer a fringe asset. Recent approvals by the United States Securities and Exchange Commission (SEC) for Bitcoin and Ethereum exchange-traded funds (ETFs) have catalyzed mainstream acceptance. 

Millions are transitioning from questioning whether to invest in crypto to seeking safe, low-fee investment platforms.

Janine Grainger, Co-Founder and CEO of Easy Crypto, emphasized the need for understanding and trust in the crypto space. “The era of focusing on crypto’s potential is over. The next generation of investors is already convinced. Promoting understanding and proving trust will become table stakes for crypto-innovators in the future,” she said.

Survey Insights

The survey reveals several key findings:

1. Crypto Adoption is on the Rise:
   The survey shows 1-in-5 Australians currently or previously own crypto, with nearly 50% open to buying in the next 12 months. Over 80% stay invested despite market volatility, reflecting strong confidence in crypto’s future.
2. Crypto vs. Traditional Investments: Cryptocurrency is emerging as a legitimate alternative to the traditionally coveted Australian housing market. With home deposits taking an average of eight years to save, crypto offers a more accessible investment option, with investors able to start with small amounts. Almost 64% believe they can invest incrementally in crypto, compared to just 22% for real estate.
3. Empowering Financial Freedom: Many view crypto as a means to greater financial autonomy. Nearly 70% of surveyed Australians anticipate a more challenging financial future, with 23% seeing crypto as a way to take control of their economic destiny. This sentiment is especially strong among Millennials and Gen Z, who regard crypto as a pathway to financial freedom.

Barriers to Wider Adoption

Despite its potential, the crypto industry faces significant hurdles. Confusion about where to start and a lack of easily understandable information are major barriers. 

Safety concerns and the need for regulation are also prominent. Over half of the respondents support the need for stringent regulation and third-party involvement to ensure safe and ethical practices within the industry.

Recommendations for the Future

To foster wider adoption, Easy Crypto recommends several strategies:

1. Simplify Onboarding: Making the entry into the crypto ecosystem less intimidating and more intuitive.
2. Design User-Centric Products: Prioritizing clear, simple communication and user-friendly tools.
3. Enhance Security and Trust: Implementing robust security measures and providing a transparent, regulated environment.

Conclusion

The pathway to mass adoption of cryptocurrency hinges on demystifying the crypto experience, ensuring straightforward communication, and providing the necessary tools for informed decision-making. 

The industry must elevate its security standards and establish robust regulations to foster a safe and trustworthy investment environment. Only by addressing these critical areas can the crypto industry achieve widespread acceptance and trust.

For those interested in reading the full-length report and key findings, feel free to download the full report.