A recently published survey from the cryptocurrency exchange platform Independent Reserve shows that nearly 20% of young adults in Australia own virtual currency by 2020.
According to the 2020 edition of the Independent Reserve Cryptocurrency Index (IRCI), overall crypto sentiment in Australia improved significantly compared to 2019. Figures from the IRCI survey indeed put the 2020 crypto index at 47, a gain of more than 10% with respect to the previous value. of 42, published in the Report 2019
The survey, which was viewed by 1,100 respondents in various demographic categories, saw nearly 20% report owning cryptocurrencies. Participants between the ages of 25 and 44 were the most likely to acknowledge that they were holding one or the other crypto. As previously reported by Cointelegraph, The crypto sector in Australia experienced significant growth in 2020.
Unsurprisingly, the IRCI Bitcoin (BTC) as the most popular virtual currency in Australia, with more than 88% of respondents claiming to know about the largest cryptocurrency by market cap. The report also showed equal BTC awareness among men and women, but men were three times more likely to know about altcoins than women.
Indeed, the IRCI survey also revealed a growing inequality in crypto adoption between men and women. While the ratio was two-to-one in 2019, the share of cryptocurrency ownership has doubled and is now four-to-one between men and women.
COVID-19 also appears to have played a role in shaping crypto sentiment in Australia during 2020. Figures from the IRCI survey show that 34% of respondents have not purchased cryptocurrencies due to the economic uncertainties caused by the pandemic.
Young adults in Australia also appear to have positive expectations for Bitcoin in the coming years. More than 40% of respondents aged 25 to 34 expressed optimism about the increasing adoption of cryptocurrencies in the future.
Despite rising Bitcoin price outlooks dominating the broader crypto discourse, the IRCI report indicated a more muted expectation among young adult Australians, most of whom predict BTC to fall below $ 30,000 by 2030. In contrast, respondents over 45 were more likely to offer a prize. forecast of more than $ 30,000 in the next decade.
The year-over-year improvement in crypto sentiment as indicated by the IRCI is part of the overall favorable 2020 for the industry in 2020. Apart from strict rules against privacy coins, the government has shown a positive attitude towards cryptocurrencies and blockchain throughout the year.