Australia has emerged as the leading country in cryptocurrency adoption in 2023, according to newly released research on global trends. The results will surprise observers who have heard the harsh rhetoric on crypto coming from some politicians and lawmakers Down Under.
The adoption rate of crypto among Australia’s population has more than doubled since 2020, surging from 8% to 18%, according to the HedgewithCrypto report. Australians have a growing interest in cryptocurrencies, as evidenced by their online search activity.
Indeed, Australian interest in crypto has surged, with 312 monthly searches for cryptocurrency per 100,000 Australians in 2022. Marking a 196% rise since 2020.
Australia Beats the United States
For crypto adoption, Australia bests the United States, which has faced regulatory challenges from the SEC in 2023, to claim the top spot.
In 2022, approximately 16% of Americans embraced crypto, a notable rise from the 10% recorded in 2020. The country has also witnessed a massive 403% surge in crypto ATMs since 2020, boasting a total of 33,630. The country also has over 30,000 more crypto ATMs than any other country.
Brazil, the United Arab Emirates, and Hong Kong are third, fourth, and fifth, respectively. (Hong Kong is not a country, but a Special Administrative Region of China, which grants it a large degree of autonomy. As a result, it is often turns up separately from the mainland in studies and research.)
While it uses a different methodology from Chainalysis’ Crypto Adoption Index, there is reason to believe that Australian cryptocurrency adoption has risen significantly. In the latter’s survey from September 2022, Australia placed only 40th. Crypto has come a long way between then and the period covered in HedgewithCrypto’s research.
New to the world of cryptocurrency and want to join the next wave of adoption? Learn more here: How To Trade Cryptocurrency: A Step-by-Step Beginners Guide
A Big Difference From Other Surveys
Studies are not unanimous on crypto’s fortunes Down Under. According to Statistica, 25.6% of Aussies own some form of cryptocurrency, down from 28.8% the year before. It is important to note that different surveys can yield diverse results due to variations in methodology, sample size, sampling techniques, and data collection methods.
HedgewithCrypto came to its conclusions by using secondary data. Google Keyword Planner was used to record the searches, population data were used to calculate results per 100,000 people, and Coin ATM Radar provided the number of crypto ATMs.
Tax and law scores derive here from cryptocurrency legality and usage in banks, sourced from Wikipedia and other online platforms. BuzzSumo recorded the number of crypto-related articles using the keyword translated into each country’s official language. Lastly, Statista provided data on the percentage of respondents who owned or used cryptocurrencies.
All data for the study was collected on or before January 20, 2023.
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