The findings were part of a study, named the Independent Reserve Cryptocurrency Index, which asked 1000 locals various questions to gauge the level of use and interest in digital currencies. Independent Reserve has been in the business for the last six years.
Independent Reserve chief executive Adrian Przelozny said: “Our inaugural IRCI has shown that cryptocurrency investors in Australia are a far broader group than the stereotypical 'sophisticated cryptocurrencies investor' who sits in front of multiple screens tracking price movements every day.
"Their goals are also far removed from the mindset of day-traders on the stock market - a quarter of all respondents under the age of 44 are considering using their superannuation to purchase cryptocurrencies.
- Nearly half of cryptocurrency investors spend $100 or less per month (47%);
- Nearly a third of regular investors spend $100 to $500 per month on cryptocurrency;
- A majority of Australians (under the age of 44) believe cryptocurrencies will be widely accepted by people and businesses;
- In five years, the majority of millennials and Gen-Zs will own cryptocurrencies;
- A quarter of all respondents under the age of 44 are considering using their superannuation to purchase cryptocurrencies; and
- Bitcoin is the most recognised and owned of all digital currencies in Australia.
The IRCI will indicate the level of maturity of the cryptocurrency market; its current benchmark is 42.
Explaining what IRCI was meant to convey, Przelozny said: "Well, it’s not just the answer to the ultimate question of life, the universe and everything. In the context of cryptocurrency adoption in Australia, it’s a number that indicates optimism and a maturation of the cryptocurrencies industry. 100 would be full awareness, optimism, trust and adoption. 0 would be a society living under a rock, disconnected from the Internet.”
The study found that those who bought cryptocurrencies comprised 22.1 of males in the country and 11.5% of females. More than a third of millennials and over a quarter of Gen-Z owned digital currencies (35% and 27% respectively).
Disclosure: the writer has invested a small amount in bitcoin with Independent Reserve.