Australia Lags in Global ‘Crypto Awareness’ Survey

October 14, 2021, 9:45 AM AEST - 4 days ago

Australia has only just scraped into a list of the world’s top 10 crypto-aware countries, according to research by comparison platform BrokerChooser.

With a score of 3.77/10, Australia is the ninth most crypto-aware country, just ahead of Singapore but finishing behind the likes of Nigeria, the UK, India and South Africa.

Ukraine Tops the Table

Ukraine, with a total score of 7.97, topped the chart with Russia a close second at 7.46. The US ranked third on 6.03, with Kenya the surprise performer at fourth, just over half a point behind.

BrokerChooser comparison table.

According to the BrokerChooser data, 857,553 Australians are crypto owners, which amounts to 3.36 per cent of the population. However, the adoption rate of crypto in Australia (0.21 percent) falls way short of the US and Russia (0.627 and 0.931 percent, respectively).

The number of crypto owners appears to be highest in India, Russia and Nigeria but that’s based on a percentage of ownership and an adoption rate relative to the population. Even on this parameter Ukraine scores the highest, with 12.73 percent of its population owning some form of crypto. The former Soviet country has also followed El Salvador in passing a bill to legalise and regulate bitcoin, as reported by Crypto News Australia last month.

In compiling the survey, the available data on parameters such as the number of crypto owners, the global crypto adoption index, and search frequency was assessed against the population of each country.

All of these factors coalesced in a crypto awareness score, which ranks countries according to their population’s interest and awareness of cryptocurrency and its trading.

Other Surveys Beg to Differ

Giving the lie to Australia’s lowly performance in this survey was another carried out by TradingView in May, which concluded that cryptocurrencies are the second most preferred assets of Australians, outranking traditional assets such as bonds and futures.

A September report also revealed that Australians have amassed over A$7 billion in crypto with 31 percent of the Gen Z population leading the investment charge, a figure that has doubled since January.

That report, compiled by comparison site Finder, also found that 17 per cent of Australians own cryptocurrency, while a further 13 per cent said they intended to buy digital assets within the next year.

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