A survey by consumer insights provider Toluna has revealed that 52 percent of Australians have no interest or intention of ever investing in cryptocurrencies. The survey also found that 51 percent in the Asia-Pacific region believe that crypto is high-risk.
Resistance to Crypto In Australia Highest in the World
Globally cryptos are met with resistance in that 43 percent perceive them to be a risky investment, with 40 percent citing lack of knowledge of the space as the main reason for hesitation. The survey however found that resistance to cryptocurrency in Australia is significantly higher than in the rest of the world and within the Asia-Pacific region.
Globally, 10 percent of survey respondents indicated they would never invest in the space and a whopping 20 percent of people in developed APAC (Australia, Singapore, and Hong Kong) nations believed that digital currencies or assets were just hype. Fear of crypto’s associated risks seems to be the main reason for investment hesitation by 44 percent of Australians, while 34 percent cited their lack of understanding of digital assets. While the global average for lack of awareness of crypto is 61 percent, Australia sits at 65 percent.
Age Is a Key Factor
According to Toluna, “The study found that older respondents were more sceptical about crypto and regard it as ‘hype’, while younger respondents were more positive about crypto becoming a genuine currency in the long term.”
The study found that among Gen Z respondents, those aged between 18 and 24, 53 percent globally thought cryptocurrencies would take an upward trend over the long run, while 38 percent of Baby Boomers (aged 57-64) and 22 percent of Gen Xers (41-56) regarded digital assets as a bubble that would soon burst.
The results found by the study confirm an earlier survey reported by Crypto News Australia which found that only one in 10 Australians knows what a cryptocurrency is, with individuals older than 65 knowing even less. Gender also plays a role in terms of crypto knowledge. In Australia, around 21 percent of men claim to know something of worth regarding cryptos, while only seven percent of women do.
A ‘Global Crypto Awareness’ survey conducted last October compiled a list of the world’s top 10 crypto aware countries; Australia barely made the list, scoring only 3.77/10. Perhaps crypto education and a clear regulatory framework are needed to increase adoption in Australia.
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